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Formosa Plastics to give away bonuses to its employees amounting a 7-month basic salary

Formosa Plastics Group (FPG) said on Monday that it would dole out year-end bonuses equivalent to seven months' basic salary to employees of the conglomerate's four major entities.

In a statement, FPG said its general management department had made the decision regarding the bonuses for workers at Formosa Plastics Corp., Nan Ya Plastics Corp., Formosa Chemicals & Fibre Corp., and Formosa Petrochemical Corp. based on their combined pretax profit for 2021.

According to the business group, the aggregate pretax profit of the four major companies topped NT$300 billion (US$10.83 billion) or NT$9.25 per share in 2021.

Based on Formosa Plastics Group's formula, when the pretax profit hits NT$4.1 per share, the group will issue year-end bonuses equivalent to 4.5 months of basic salaries, and when profits per share rise by NT$1, the bonuses will increase by the amount equivalent to 0.6 months of basic salaries and vice versa.

However, the minimum will be three months of basic salaries and the maximum will be capped at seven months of basic wages, according to FPG.

The local petrochemical industry got a significant boost from the booming global energy market last year, and FPG said the decision to issue the year-end bonuses equivalent to seven months' salary would allow its employees to have a good Lunar New Year, with the upcoming Year of the Tiger starting on Feb. 1.

The conglomerate's decision on the amount for year-end bonuses at its four major entities has been watched closely by market observers as the group is one of the important in the local old economy sector.

Other companies under the FPG umbrella, however, will calculate their own year-end bonuses independently. -Central News Agency

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