What you need to know
PayPal’s pension plan is available to all employees starting day one of your employment. PayPal covers the cost of the plan, unless you choose to make your own contributions. The pension plan provider is Swiss Life (Luxembourg) S.A.
What is a pension plan?
A pension plan allows money to be put aside now for your retirement later. It’s a long-term investment option that grows as you continue with PayPal, so you have a pension fund — or certain amount of money — available to you when you retire.
How it works
PayPal will automatically contribute according to the following formula: 3% S1 +11% + S2.
- S1 — Annual salary up to ⩽ €154 255.68 on 01/09/2023
- S2 — Part of your annual salary > €154 255.68 on 01/09/2023
S1 equals your annual salary up to the social security ceiling (€154 255.68 on the 01/09/2023). S2 equals the portion of your salary above the social security ceiling. You do not need to take any action for the employer’s contribution. Payroll will enroll you in the pension plan as soon as they receive your hiring pack containing the Swiss Life Application forms.
On top of the employer’s contribution, you can decide to make personal contributions. By law, personal contributions are capped to €1.200 per year.
You can find more information regarding the Swiss Life complementary pension scheme on HR Hub.
Making personal contributions
Personal contributions are voluntary and do not affect the company’s contributions. If you choose to save your own money, you can contribute up to €100 per month, which will be deducted from your monthly salary. You can change your contribution amount at any time. Just keep in mind that the maximum tax-deductible amount is €1.200 per year and that a 2% charge applies on the contribution before investment (i.e., if your contribution is €100, your actual contribution will amount to €98).
If you didn’t opt to make individual contributions when you joined PayPal, please fill out the Swiss Life form to get started with personal contributions, and send it to Employee Central by clicking the blue Contact Us icon on the right-hand corner of your screen. Then click Submit a Ticket and select Benefits > Financial Security from the Category drop-down list, which will ensure it's routed accordingly. If you decide at a later date to change the amount of contributions, please fill out a new contribution form, and send it to HR Hub via a ticket. Contact HR Hub if you need the correct form. PayPal will notify payroll and the insurer once the form is received.