Taiwanese workers to get slightly improved year-end bonuses
Local companies in Taiwan plan to distribute slightly improved year-end bonuses than last year, as the rate of increase has tapered off.
A 104 Job Bank survey released showed that 93% of local firms on average intend to give their employees bonuses based on 1.11 months of salary. Although this is the second-lowest level in the past five years, it is slightly better than last year’s 1.1 months.
The slight increase is attributed to improved corporate earnings. Meanwhile, the survey indicated that higher labour costs may have limited the rate of increase.
Stanley Hua, 104 Job Bank Senior Vice President, said higher overtime pay and more days off, which are stipulated under new labour rules, have prompted employers to be less generous on bonuses.
“Personnel costs, earnings performance and other considerations all come into play when companies set bonus numbers,” Hua said.
Financial institutions topped the survey with bonuses averaging 1.83 months, while restaurants and hotels fared the weakest.
Employees can expect their bonuses either by year end, or ahead of the Lunar New Year.