GlobalFoundries Announces New Multi-Million Dollar Student Loan Repayment Program to Strengthen Semiconductor Workforce
17 November 2023 - 12:32AM
GlobalFoundries (Nasdaq: GFS) (GF) announced today that it 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.
Supporting Quotes
“Investing in our future workforce pays significant and lasting
dividends for our Capital Region, nation, and economy. Today’s
announcement from GlobalFoundries will create good-paying local
jobs while bolstering our national supply chain and further
solidifying our region’s role as a leader in manufacturing.
Forward-thinking investments like GF’s new program are exactly why
I worked to enact the CHIPS and Science Act. I’m thrilled to see
these efforts deliver for our region and will continue pushing to
strengthen the semiconductor industry and benefit our American
workers and communities.” – Congressman Paul D.
Tonko
“At Hudson Valley Community College, we are excited to be a part
of GlobalFoundries’ vision for building a dynamic pipeline that
will fuel the future of semiconductor innovation. Our institution
is dedicated to providing top-notch education and training,
ensuring our students are well-prepared to contribute their skills
and expertise to the semiconductor industry. GlobalFoundries’ new
program demonstrates a genuine commitment to the education and
aspirations of our students, as they work towards a brighter more
technologically advanced future.” – Dr. Roger Ramsammy,
president of Hudson Valley Community College
“We commend GlobalFoundries for advancing U.S. leadership in
semiconductors by helping to make education more affordable. As a
leading institution committed to impactful research and education
through the semiconductor degrees program (SDP), Purdue University
has frozen tuition for 12 years in a row. GlobalFoundries’ student
loan repayment program reflects a shared vision of scaling up
talent pipelines while empowering the next generation of
innovators.” - Mark Lundstrom, Don and Carol Scifres
Distinguished Professor, Elmore Family School of Electrical and
Computer Engineering and Chief Semiconductor Officer of Purdue
University
“Strengthening support for regional partnerships and programs
focused on cultivating a highly skilled workforce and fostering job
creation within the semiconductor industry is imperative for the
well-being of the U.S. economy, national security, and its
continued global leadership in emerging technologies.
GlobalFoundries’ new program will help nurture and retain top
talent in our industry while showcasing the industry's dedication
to the success of its workforce that is critical to the future
economy.” – John Neuffer, president and CEO of
Semiconductor Industry Association
“The launch of this student loan repayment program is a clear
testament to GlobalFoundries’ commitment to fostering educational
success and cultivating a robust pipeline of skilled workers for a
fast-evolving technological landscape. We look forward to our
continued partnership with GlobalFoundries as we forge a more
innovative and digitally connected future together, for our
students and for the state of New York.” - State University
of New York Chancellor John
B. King, Jr.
“At the University of Vermont, we take great pride in our role
as a critical partner in fostering a strong pipeline of talent for
the semiconductor industry through our partnership with
GlobalFoundries and our new groundbreaking Device Characterization
Teaching Lab. We applaud GlobalFoundries for their continued
commitment to developing a highly skilled workforce that will shape
the future of technology and position Vermont as a leader in
advancing semiconductor manufacturing.” – Suresh Garimella,
president of UVM
About GF
GlobalFoundries (GF) is one of the world’s leading semiconductor
manufacturers. GF is redefining innovation and semiconductor
manufacturing by developing and delivering feature-rich process
technology solutions that provide leadership performance in
pervasive high growth markets. GF offers a unique mix of design,
development, and fabrication services. With a talented and diverse
workforce and an at-scale manufacturing footprint spanning the
U.S., Europe and Asia, GF is a trusted technology source to its
worldwide customers. For more information, visit www.gf.com.
©GlobalFoundries Inc., GF, GlobalFoundries, the GF logos and
other GF marks are trademarks of GlobalFoundries Inc. Or its
subsidiaries. All other trademarks are the property of their
respective owners.
Forward-looking Information
This news release may contain forward-looking statements, which
involve risks and uncertainties. Readers are cautioned not to place
undue reliance on any of these forward-looking statements. These
forward-looking statements speak only as of the date hereof. GF
undertakes no obligation to update any of these forward-looking
statements to reflect events or circumstances after the date of
this news release or to reflect actual outcomes, unless required by
law.
Media ContactErica
McGillerica.mcgill@gf.com518-795-5240
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