MALTA, N.Y. — GlobalFoundries recently announced the launch of a new student loan repayment program that will help current employees and new recruits pay down their debts faster with less out-of-pocket cost.
The new program is part of a multi-million dollar investment to strengthen the company’s semiconductor talent workforce by easing the financial burden of higher education and training. Under the program, which will begin early next year, US-based employees and new hires at GlobalFoundries who meet eligibility guidelines will be able to receive a tax-free, lifetime total of $28,500 toward their student debt.
“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 GlobalFoundries president and CEO Dr. Thomas Caulfield in a news release. “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 the company’s comprehensive benefit offerings.
Other benefits offered by GlobalFoundries include 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 stipends to promote good health, and childcare subsidy towards dependent care.
In addition, GlobalFoundries provides differentiated leadership development programs which include on-the-job training, a first-of-its-kind certified apprenticeship program, mentorship, and other professional development opportunities to further increase skill development that cultivates 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 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 Chuck Schumer in the release. “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.”
“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,” said U.S. Rep. Paul Tonko in the release.
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 US through building a workforce that enables a successful domestic semiconductor industry. For more than a decade, GlobalFoundries has been investing in global career development programs and educational assistance.
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.
“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,” said Dr. Roger Ramsammy, president of Hudson Valley Community College, in the release.