GlobalFoundries Announces New Multi-Million Dollar Student Loan Repayment Program

Source: GlobalFoundries

GlobalFoundries announced 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 present and future employees.

GlobalFoundries has a semiconductor production facility in Essex Junction, Vermont

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.