GlobalFoundries introduces Student Loan Repayment Program
Program designed to build a critical talent pipeline by easing the burden of education debt for U.S. employees.
GlobalFoundries is launching a new student loan repayment program to help current employees and new recruits pay down student loan debt. The new benefit program is part of the company’s multi-million dollar investment to strengthen the semiconductor talent workforce by helping to ease the financial burden of higher education and training of our present and future employees.
Under GF’s new benefit program, set to begin in early 2024, U.S.-based employees and new hires that meet eligibility guidelines will be able to receive a tax-free, lifetime total of $28,500 toward their student debt, enabling employees to pay off their loans faster and at lower out of pocket expenses. The program is open to all U.S. employees that have qualified student loans for all degree types and credit-based certificate programs offered by U.S. universities and colleges.
“In the semiconductor industry, poised to double again over the next decade, the blueprint for tomorrow's innovations is directly linked to the talent we cultivate today,” said Dr. Thomas Caulfield, president and CEO of GF. “By enhancing our employee benefit programs, especially through our student loan assistance, GF is not only strengthening and building its own talent pipeline but also striving to set an industry benchmark. It's this very talent that is critical to delivering the essential semiconductors the world relies on to live, work and connect.”
The student loan repayment program is the newest feature in GF’s comprehensive benefit offerings including tuition reimbursement for employees pursuing undergraduate and graduate degrees, fully paid parental leave (twenty weeks for birth parent and 12 weeks for non-birth parent), employee fitness stipend to promote good health, and childcare subsidy towards dependent care. In addition, GF provides differentiated leadership development programs which include on-the-job training, including the first of a kind certified apprenticeship program, mentorship and other professional development opportunities to further increase skill development to cultivate a growth mindset and lifelong learning.
“With the Capital Region home to GlobalFoundries – a critical chip supplier to our defense and auto industries, among others – it’s all-hands-on-deck to support the current GF workforce and future recruits by easing the burden of student loan payments and fostering career growth for the next generation of NY semiconductor talent,” said Senate Majority Leader Schumer. “GlobalFoundries’ new student loan repayment program will not only drive the local Capital Region economy forward by attracting talented workers, but it will also retain the talented students and professionals who already call the Empire State home and are vital as we grow New York into a major global hub for semiconductor manufacturing and innovation. I wrote my CHIPS & Science Act to spark growth like this that will secure our domestic supply chains and lead to new jobs and investment in places like Upstate New York. By enabling employees to pay off their loans faster, GlobalFoundries’ new program will attract the powerhouse workforce we need to further transform the Capital Region and Upstate NY into a leader for semiconductor manufacturing.”
Funding from the CHIPS and Science Act aims to catalyze companies to create investment strategies that will make higher education more accessible and help level the playing field for the U.S. through building a workforce that enables a successful domestic semiconductor industry. For more than a decade, GF has been investing in global career development programs and educational assistance. Moreover, the company has established strategic partnerships nationwide with top universities and strong regional engagements with community colleges in New York and Vermont as well as access to worldwide talent through its global footprint to help build a diverse workforce and semiconductor talent pipeline.
