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Taiwan's Formosa Plastics gives 7 months' salary as year-end bonus

Formosa Plastics Group posted NT$300 billion in pretax profits for 2021

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New Taiwan dollars (Getty Images photo)

New Taiwan dollars (Getty Images photo)

TAIPEI (Taiwan News) — Formosa Plastics Group (FPG) announced on Monday (Jan. 10) that it will be handing out up to seven months' worth of pay as year-end bonuses to its employees.

Amid a period of stabilization during the pandemic, the conglomerate benefited from an overall global economic recovery and saw the volume and price of its plastic products increase. According to the group, its four firms made NT$300 billion in pretax profits and a net profit of NT$248.65 in 2021.

On Monday, FPG's general management announced that the average pretax profit per share of the four firms last year was NT$9.5. Based on its employee bonus formula, the maximum year-end bonus for 2021 will be equivalent to seven months' worth of salary, CNA reported.

The group's year-end bonus scheme ranges between three and seven months depending on the pretax profit per share. When pretax profits hit NT$4.1 per share, the group hands out 4.5 months' salary in bonuses.

For each NT$1 that the share price rises above that amount, an additional bonus of .6 months' worth of salary is doled out. For every NT$1 that share prices fall below that level, .6 months of wages are deducted from the bonus.

Based on this, the NT$9.5 profit per share for last year would result in 3.24 months of extra pay, making the workers eligible for a bonus equivalent to up to seven months of salary.