Solvay sets minimum social coverage standard throu

Brussels, February 23, 2017 --- Solvay signed an agreement with its employee representatives setting minimum social standards which apply worldwide across the entire Group. Named "Solvay Cares", this initiative will raise social coverage for many of Solvay's 30,000 employees. Solvay Cares perpetuates the pioneering social vision of Ernest Solvay who introduced forms of social security at the group he founded more than 150 years ago. The agreement was signed yesterday by Jean-Pierre Clamadieu, CEO of Solvay and Albert Kruft, who represents the Solvay Global Forum, the body that Solvay created three years ago to develop social dialogue with employee representatives at a worldwide level. Solvay Cares will be gradually rolled out as of April 1, 2017 to provide four major benefits:

• Full income protection during parental leave with 14 weeks for the mother and one week for the co-parent; and full income protection of one week during adoption;
• A minimum coverage of 75% of medical fees in case of hospitalization or of severe illnesses;
• Disability insurance in case of lasting incapacity;                                        
• Life insurance with coverage for the family or partner.

"Solvay's harmonizing of its social policy means all our employees will enjoy the same minimum social benefits, so it will protect those who live and work in countries where these benefits currently are not provided. True to our Group's century-old tradition of social responsibility, Solvay Cares will foster even more pride among our employees to be part of Solvay and stimulate their performance," said Cécile Tandeau de Marsac, Head of Human Resources at Solvay . "This agreement shows Solvay's commitment to a global social dialogue with its employee representatives." The first benefits to be deployed are on maternity and co-parent leaves, which in a country like the United States, will improve the standard compared to the legal minimum. Solvay Cares will for example also see the introduction of medical coverage for severe illness or hospitalization for those in Mexico and South Korea; disability insurance in China and Poland, as well as life insurance in India and Russia.

        Follow us on twitter @SolvayGroup

http://www.globenewswire.com/NewsRoom/Attachm...435f976db2