Luxottica Group continues to expand its welfare policy.

The Italian eyewear giant is introducing a “life bonus” for its employees and kicking off the “generational pact”  as part of an agreement with INPS, the country’s national social security institute. This is the first such initiative for the private sector in Italy.

Piergiorgio Angeli, director of human resources at Luxottica, highlighted how the group’s welfare is evolving “with innovative and practical responses to the real needs [of employees].” The new project aims at supporting the new generations, “representing the future of us all,” through the offer of new jobs. For those “less young,” it affords “the opportunity to share skills acquired over the years, enhancing them, with the new hires.”

One-hundred employees that are three years away from their pensions (five years if they are ill) will be able to ask for part-time jobs, halving their hours, without any incidence on their pensions, offering younger people the opportunity to step in. Luxottica will pay social security to INPS for those employees that will adhere to the initiative.

The generational pact, first launched at the end of last year, is aimed at 10,000 Italian employees in the production centers of Agordo, Cencenighe, Sedico, Pederobba, Rovereto, Lauriano and Milan.

The life bonus includes a contribution of 30,000 euros, or $33,090 at current exchange rate, to the heirs in case of death of the employee — also if this takes place outside of work. The amount will be more than doubled to 70,000 euros, or $77,212, if the family includes minors, students up to 30 years old, disabled members or a mortgage on the first house.

Luxottica’s welfare system was first launched in 2009, at the height of the international economic crisis, and also includes health care, micro-credit, counseling and scholarships, among other initiatives.

The group, founded by Leonardo Del Vecchio, produces and distributes collections for brands ranging from Giorgio Armani and Burberry to Prada and Versace and owns labels including Ray-Ban and Oakley.