GlobalFoundries to offer student loan debt repayment to employees

MALTA — GlobalFoundries will begin offering future and existing employees a new student loan repayment benefit beginning in 2024.

The program will provide any U.S. employee with qualified student loans a “tax-free lifetime total of $28,500” to pay off the student loan debt.

GlobalFoundries already has a strong benefits package designed around workforce training and educational support and work-life balance. For instance, employees have access to tuition reimbursement, paid parental leave, a fitness stipend and a child care subsidy. 

The computer chip maker also has an apprenticeship program and provides structured mentorship and professional development programs that support workforce development.

The U.S. government is seeking to greatly expand the U.S.chip manufacturing industry in the face of global supply chain constraints and economic and political tensions with China over trade and the island nation of Taiwan, which is where most of the advanced chips in the world are made.

In order to expand quickly, the semiconductor industry not only needs to build new factories, but it also must train and hire new workers.

“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,” GlobalFoundries CEO Thomas Caulfield said in a statement.

A GlobalFoundries spokeswoman said the $28,500 roughly equates to the four-year tuition cost at most State University of New York schools for in-state residents. The money for the repayment of the loans is allocated to participating employees over time.

The new loan repayment benefit is also part of an initial $10 million commitment through 2030 to invest in education at the company to ensure a sustained pipeline of qualified workers.

Workers in the computer chip industry don’t always need college degrees but most jobs require specialized training and skills.