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Workers at money-losing state-run firms to get bonuses -- for 2011

Workers at money-losing state-run firms to get bonuses -- for 2011

Taipei, Dec. 28 (CNA) The Ministry of Economic Affairs approved on Friday long-delayed year-end performance bonuses for 2011 for workers at state-run enterprises, including companies that lost money. "It is not that employees at the state-run enterprises did not work hard, so it is appropriate for them to get performance bonuses despite the deficits," Economics Minister Shih Yen-shiang said at a year-end press briefing. All state-run enterprises shoulder some social responsibility, including providing subsidies to the disadvantaged and public schools and keeping prices charged to consumers down despite volatility in global commodity prices, Shih said in defending the decision. "(Some of the state-run enterprises) cannot follow market mechanisms," said Shih, whose ministry administers five of Taiwan's state-run companies. The performance bonuses for 2011 were expected to be paid in mid-2012, but they were postponed because of heavy public criticism of the state-run companies' poor performance and lack of efficiency. Workers at state-run oil company CPC Corp., Taiwan, which ran a deficit of NT$74 billion (US$2.55 billion) in 2011, will now get a bonus worth 2.6 months of their regular salaries. Utility Taipei Power Company, which lost NT$68 billion, and Taiwan Water Corp., which lost NT$367 million, will pay their employees annual bonuses of 1.65 months and 1.46 months of salary, respectively, according to the ministry. The scale of bonuses was roughly the same at state-run enterprises that made money. Employees at Taiwan Sugar Corp., which ran a profit of NT$5.5 billion, and Aerospace Industrial Development Corp., which earned NT$1.1 billion in 2011, will get bonuses of 1.88 months and 1.31 months of salary, respectively, an economic official said. (By James Lee)


Updated : 2021-02-25 13:33 GMT+08:00