By Stephen Nakrosis

Auto maker Ferrari said Monday it was planning on 250 new hires in the first half of next year, and also said it was extending benefits for workers, including a share ownership plan.

That plan would give workers the option to receive a free one-off grant of shares with a maximum value of about EUR2,065, the company said. Employees who keep the shares for at least 36 months will receive an additional tranche of shares worth up to 15% of the value of the initial grant, the company said.

The Maranello, Italy, luxury sports car maker will also extend benefits to its health program and its parenting support plan, it said.

Also on Monday, Ferrari said it renewed its Competitiveness Award agreement with several provincial trade union groups and the board of the company's internal trade union representatives.

Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

(END) Dow Jones Newswires

November 13, 2023 14:20 ET (19:20 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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