In order to handle affairs concerning employees’ retirement, THC formulates the " Retirement Management Regulations " in accordance with the Labor Standards Act and the Regulations for the Allocation and Management of the Workers' Retirement Reserve Funds.
Methods of Pension Contributions
The original pension system: (according to Article 56 of the Labor standards Act)
Employees who started working before June 30, 2005, could choose the original system or the new one. In accordance with the Company's Retirement Management Regulations, the Company shall appropriate labor pension reserve funds ranging between 2% and 15% of the total monthly wages. Before the end of each year, the Company shall assess the balance in the designated labor pension reserve funds account. If the amount is inadequate to pay pensions calculated according to Article 55 of the Labor standards Act for employees who meet the statutory retirement conditions and retire in the same year, the Company shall make up the difference in one appropriation before the end of March the following year.
The new pension system: (according to Article 6 and 14 of the Labor Pension Act)
The new pension system is applicable to employees starting working after July 1, 2005 and employees starting working before July 1, 2005 who choose the new system. The Company shall on a monthly basis contribute labor pension funds which shall not be less than six percent of the employee's monthly wage to individual labor pension accounts; the account shall be owned by the employees.
An employee may apply for voluntary retirement under any of the following conditions: (according to Article 53 of the Labor standards Act)
- Where the employee attains the age of fifty-five and has worked for fifteen years for the Company.
- Where the employee has worked for more than twenty-five years for the Company.
- Where the employee attains the age of sixty and has worked for ten years for the Company.
- The employees who apply for voluntary retirement should submit the application six months before retirement, and fill in the retirement application form and resignation application form. Only after the application is approved by the General Manager (President)/ Chairman of the Board, can he/she officially retire.
- After the Human Resources Department verifies the retirement eligibility based on the retirement application form, calculates the retirement amount and sends it to the supervisor for approval, it submits the Pension Funds Payment Notice and applies to the Trust Department of the Bank of Taiwan for paying the pension.
Number of Retired Employees
- In 2018, 21 employees retired.
- In 2019, 10 employees retired.