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The Company's employee retirement system and pension appropriation and payment all comply with the Labor Standards Act and the Labor Pension Act.
As required by the “Labor Standards Act”, the Company has adopted the defined benefits pension scheme, which is applicable to the service years of all employees before the implementation of the “Labor Pension Act” on July 1, 2005, and to the service years thereafter of employees choosing to continue to be covered by the “Labor Standards Act” after the implementation of the “Labor Pension Act.” For employees who meet the retirement requirement, pension is calculated and paid based on the number of service years and the average salary of the six months immediately before their retirement. Two bases are given for each full year of service rendered for the first 15 years (inclusive) of service, and for the rest of the years over 15 years, one base is given for each full year of service rendered. The total number of bases shall be no more than 45. The Company appropriates 2% of the total monthly salary as pension and deposits it with the Bank of Taiwan in a dedicated account under the name of the Company's Labor Pension Supervisory Committee.
As required by the “Labor Pension Act”, The Company and its domestic subsidiaries have established the defined contribution pension scheme, which is effective from July 1, 2005 and applicable to all employees who are an R.O.C. national. For employees who opt for such a scheme, the Company and its domestic subsidiaries contribute 6% of their monthly salary as pension to their personal pension account with the Bureau of Labor Insurance; pension is paid on a monthly basis or in a lump sum from the balance of their personal pension account plus the accumulated investment income thereof.
The Company's subsidiaries in Mainland China contribute a certain percentage of employees' total monthly salary as pension insurance premiums in accordance with the regulations for pension insurance of the People's Republic of China. Since the employee pension fund is managed by the government, the Group has no further obligations other than to make a monthly contribution to the fund.