The Group has established the “Compensation Management Regulations” and provides competitive wage conditions based on annual salary and benefit surveys. The starting salary is the same for both men and women and is higher than the minimum wage stipulated by the local government. Salaries and benefits do not differ based on gender, age, nationality, physical or mental disability, race, or other conditions, and contributions to pensions are in accordance with regulations. Eurocharm complies with the relevant provisions of the Labor Standards Law of the Republic of China. In addition to health insurance and labor insurance for Taiwan employees, we also provide accident insurance for employees on business trips and contribute to the worker’s personal account system to protect employees’ benefits. In addition, the Company has established the “appraisal operation method”. Each year, the Company considers the individual’s performance and contribution as the basis for wage adjustment, bonus change, dividend, and other reward, and develops a complete grade and ranking system, regardless of gender; two performance appraisals are conducted each year, and the rewawrds for manager level and above are directly linked to the organization’s business performance. In addition to the social, medical, and unemployment insurance, employees at Vietnam are given regular promotion and wage adjustment opportunities every year to reward employees with excellent performance, as well as monthly performance bonuses and year-end bonuses depending on the Company’s operational performance and employee performance. It allows employees to affirm their self-worth and enhance their sense of accomplishment as well as promote diversified employment and social stability.
Taiwan Employee Benefits and Security
| Bonuses | Birthday gift vouchers, three seasonal gift vouchers (Dragon Boat Festival/Labor Day/Mid-Autumn Festival), year-end bonuses, dividends (some level and above). |
| Benefits | Labor health insurance, group insurance (accidental injury/medical accident insurance), meals, missed meals, wedding allowances, funeral allowances, maternity allowances, employee education scholarships, and free parking space. |
| System | Staff uniforms and safety shoes. |
| Leave Policy | Two-days off every week, special annual leave, paternity leave, family care leave, female colleagues’ menstrual leave/maternity leave, and parental leave. |
| Retirement Policy | To protect the rights of employees, Eurocharm Taiwan has established the Labor Retirement Plan in accordance with the law and regularly contribute a monthly retirement reserve at a rate of 2% of total payroll to be deposited in a special account at the Central Trust of China. In 2023, the balance of the labor retirement reserve account by the old system is $30,004 thousand. Starting on July 1, 2005, the new government retirement system has been adopted, whereby 6% of the employees’ gross wages is contributed to the employees’ personal pension accounts. In addition, for those employees who make voluntary withholding pension, the voluntary withholding rate is deducted from the employees’ monthly wages to the individual pension account of the Labor Insurance Account. In 2023, the Company’s contributions from employees and employers totaled to $1,768 thousand. |
| Staff Welfare Committee | Domestic trips and year-end events. |
| Lifelong Learning | Education and training subsidies are available. |
Employee Benefits in Vietnam
| Bonuses | Monthly performance bonuses and year-end bonuses are paid depending on the Company’s operational performance and employee performance; employees are encouraged to submint company-wide improvement proposals, and bonuses are paid if proposals are effective in improving efficiency or reducing costs. |
| Benefits | The Company provides social/medical/unemployment insurance. In addition, the Company cooperates with the labor union to hold various activities on important festivals. At the end of each year, there is a subsidy for annual departmental dinners. At the Vietnam factory, there are an employee cafeteria, a fitness room, a soccer field, a recreation center, and an employee parking lot. In addition to free meals, employees can use all equipment for free. The Company also regularly holds group activities including soccer and badminton tournaments, staff trips, and sports games. |
| Retirement Policy | Retirement insurance in Vietnam is part of the social insurance; employees pay 8% of the insurance wages every month, and the Company pays 14% of the insurance wages. The premiums have been withdrawn monthly and paid to the local social insurance bureau for the employees, and the employees can apply for pensions from the social insurance bureau when they reach the statutory retirement age. In 2023, the Company’s employees paid a total of $136,490 thousand in insurance premiums. |