YFY strives to provide an excellent work environment based on its insistence of its belief in individuality, so that all members of YFY will be able to fulfill their dreams through their work and find joy in their lives.
In order to show our appreciation for our employees' hard work and contributions, according to the company's operating performance, YFY offers a better year-end bonus than that of our competitors.
To look after our employees in retirement, we have formulated a retirement policy and established a pension fund supervisory committee in compliance with the law. To guarantee the rights of our employees, monthly contributions based on finalized annual accounts are set aside in a dedicated Bank of Taiwan account in accordance with the Old Labor Pension Fund system.
On July 1, 2005, we concurrently adopted the alternate New Labor Pension Scheme, under which we contribute 6% of employees’ salaries to their personal retirement fund accounts. Employees may voluntarily contribute an additional percentage of their salaries into their personal retirement funds with the Bureau of Labor Insurance.
Our employee retirement policy may be summarized as follows:
1. Voluntary retirement conditions:
(1) Age 55 or above, and has served at our company and/or a related business entity for at least 15 years.
(2) Has served at our company and/or a related business entity for at least 25 years.
(3) Age 60 or above, and has served at our company and/or a related business entity for at least 10 years.
2. Mandatory retirement conditions:
An employee may not be forced to retire unless one of the following conditions is met:
(1) Age 65 or above.
(2) Unable to perform his/her work duties due to mental or physical disability.
“Mental or physical disability” is defined as being assessed with a disability level conforming to levels 1 to 6 under labor insurance laws. If the mental or physical disability was incurred from the execution of the employee’s work duties, the employee shall be entitled to an additional 20% on top of their worker pension in accordance with Subparagraph 2 of Paragraph 1 of Article 55 of the Labor Standards Act.
3. Tenure and retirement benefit calculations:
(1) The tenure of an employee is calculated from the first day of his/her employment at our company. In calculating an employee’s tenure, their time of service at the company both before and after the Labor Standards Act came into effect shall be taken into account and combined, but is limited to actual continuous service at the company.
(2) In calculating the tenure of an employee assigned from our company to a related business entity or was assigned from a related business entity to our company, their time of service at both places shall be taken into account and combined.
(3) The total retirement benefit of a valid retiring employee who has served at our company as well as related business entities shall be prorated and paid out in accordance with the employee’s time of service at each relevant entity.
4. YFY’s labor pension fund in 2018:
(1) Annual contribution: NT$48,477,000
(2) End-of-year balance: NT$591,773,000