TAIPEI (Taiwan News) -- Formosa Plastics Group (FPG, 台塑) is set to give its employees a year-end bonus worth six months of salary as well as red envelopes, said the company's president Wang Wen-yuan (王文淵) on Saturday (Nov. 10), according to CNA.
In addressing 5,000 employees gathered at FPG's 35th annual sports competition held on Saturday at Ming Chi University of Technology, Wang said that because of the strong performance of the corporation in the first three quarters of this year, a Lunar New Year bonus worth six months of salary will be paid to all employees, and red envelopes will be distributed as well.
Wang said that the outlook for the world economy is hard to predict, and there are many variables. He said he personally thinks that it is not optimistic, and he believes the overall situation will not be clear until the leaders of the U.S. and China meet during the G20 summit on Nov. 30 in Buenos Aires. Wang also noted that subtle changes in the U.S. following the midterm elections could be a factor.
Wang believes that the U.S. and China are currently in a standoff in their trade war. He said that most FPG factories are located in China to produce for the local market and therefore will probably not feel the effects of the U.S. tariffs. However, he indicated that some products which are exported to the U.S. could be impacted.
During his speech at the sports meet, Wang said that FPG's performance in the first three quarters of this year was comparable to that of last year, which saw an all-time high net profit before taxes, reported EBC. As was the case last year, a year-end bonus equivalent to six months salary will be provided to employees, but he said the amount to be included in the red envelopes is yet to be determined.