Retirement System
To take care of employees' post-retirement lives and to enhance the spirit of service during their employment, Zhen Ding has established employee retirement programs according to the “Labor Standards Act” and “Labor Pension Act” to ensure employees in Taiwan receive a fixed pension fund.
For employees under the former labor pension system, the company has established the “Retirement and Pension Management Regulations” in accordance with the “Labor Standards Act” to take care of employees after retirement and improve their services during employment. The company also established the Supervisory Committee of the Labor Retirement Reserve in accordance with regulations. The labor retirement reserve fund is appropriated each month in accordance with the “Regulations for the Allocation and Management of the Workers’ Retirement Reserve Funds” to the Committee’s dedicated account in the Central Trust of China and managed by the Committee. Since July 1, 2005, in conjunction with the implementation of the “new system” stipulated in the Labor Pension Act, for employees who were covered by the Labor Standards Act and opt for the new system or employees who commence their job after the new system is implemented, their seniority shall be calculated by the defined contribution plan. The Company shall pay pension by allocating 6% of the employee’s monthly salary to the personal labor pension account established for each employee. Employees can choose to allocate 0% to 6% of their monthly salary to their personal retirement account. When employees reach the government-mandated retirement age, they can apply to the government to receive monthly retirement benefits or a lump-sum retirement payment.
The company’s subsidiaries in China set aside pension insurance based on the mandatory ratio in accordance with the retirement and pension system required by the government of the People’s Republic of China. All pension funds of current and retired employees are organized and managed by local governments.
100% of Zhen Ding’s employees have been included in the company’s pension benefits programs.
