Talent Retention
Welfare Measures
The welfare system put in place by Formosa Laboratories for full-time employees not covers basic rights guaranteed by laws and regulations such as labor and health insurance, special leave, maternity leave, and parental leave, but also includes the provision of life insurance, medical insurance, disability insurance, pension, wedding and childbirth gifts, funeral subsidies, employee dormitories, and free meals. Please refer to the table below for more details on Formosa Laboratories’ welfare measures. On the other hand, foreign employees are also entitled to various bonuses and benefits provided to local employees. Formosa Laboratories also protects promotion and continuing education channels for migrant workers while respecting their multicultural needs.
Scholarships for Employees’
Scholarships are awarded to employees’ children during annual dinner events, with a view to encouraging them to study hard and pursue their dreams. Specifically, Formosa Laboratories provides a scholarship amount of NT$5,000 for each university student, NT$3,000 for each high school and college students, NT$2,000 for each middle school student, and NT$1,000 for each elementary school student. In 2023, a total of 45 employees applied for scholarships for their children, where NT$65,000 worth of scholarships were awarded to 54 children.
▼Welfare measures for full-time employees
Welfare Measures
The Company provides comprehensive benefit measures for full-time employees to safeguard the rights and interests of employees and enhance company cohesion. In addition to the basic rights guaranteed by law, such as labor and health insurance, special leave, maternity leave, and parental leave, we also offer a wide range of employee benefits, including holidays, life insurance, medical insurance, disability insurance, retirement benefits, marriage and childbirth bonuses, funeral subsidies, employee dormitories, and free meals. We strive to improve employee well-being and create a happy workplace environment.
Provisions of Welfare Measures for Full-time Employees at Formosa Laboratories
Foreign Migrant Workers' Continuing Education and Welfare System
To promote employee equality, foreign migrant employees also enjoy the same bonuses and benefits system as local employees. We ensure smooth channels for the promotion and further education and training of foreign migrant workers, and through various policies and measures, we guarantee and respect their diverse cultures.
Internal forklift certification training section for foreign employee
Continuing education and training and welfare system for migrant workers
| Welfare measure | Specific implementation details |
|---|---|
| Continuing education and promotion |
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| Compensation and benefits |
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| Culture and living |
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Incentive Rewards
In 2023, Formosa Laboratories redesigned our job grade structure based on job position and responsibilities from the standpoint of a career roadmap, with the intention of providing employees with a variety of pathways for career development, promotion, and rotation. At the same time, Formosa Laboratories has also linked the fixed salary system in the market to our job grade structure, aimed at putting in place a diverse salary scale. Our salary standards are set based on job responsibilities, specialization, as well as individual performance and competencies, whereas employee salaries are adjusted with reference to the latest industry pay levels.
In an effort to boost employee morale at work, Formosa Laboratories also offers various bonuses such as performance bonus and project achievement bonus. Furthermore, Formosa Laboratories has established the Employee Share Ownership Committee, which provides employees with membership incentives for making contributions equivalent to 3% of their salary to the employee share ownership trust on a monthly basis so as to share the benefits of share price appreciation.
▼Comparison between standard entry level wages and employee compensation levels at Formosa Laboratories over the past three years
Note：
- Entry-level employees include including direct labor in Level 1 to 3 positions at Formosa Laboratories, such as technician, mechanic, and dispatch operator.
- Standard salary includes base salary, perfect attendance bonus, job allowance, certificate allowance, and other regular salaries.
- The minimum wages in Taiwan from 2021 to 2023 were NT$24,000, NT$25,250, and NT$27,470, respectively.
- The calculation of annual compensation include base salary, overtime pay, various bonuses, meal allowances, job or transportation allowances, and employee remuneration for the current year.
- Ratio of percent change in total compensation: Percent change in the total compensation of the highest paid employees/Percent change in the medial of the total compensation of the remaining employees, as compared to the total compensation in the previous year.