KYF
Compensation and Benefits
Our visions for talent hiring are committed by building up a qualitative, healthy, safe, friendly, and happy workplace where talents are willing to stay. It is hoped that on top of finding work value and a sense of achievement in KYF, employees will be able to take care of their families’ needs. This allows employees to strike a balance between work and life, obtain real happiness in life, and do things that contribute to society.
| Material Topic | Compensation and Benefits |
|---|---|
| Significance for the Company | Compensation and benefits are critical factors in attracting talent; therefore, the company offers a competitive compensation system and comprehensive employee benefits to attract top talent. This approach fosters employee cohesiveness, promoting mutual growth, and creating a win-win situation for both employees and the company. |
| Impact | Difficulty in attracting excellent talent leads to an increased employee turnover rate. |
| Policy and Commitment | “Talent” is the company’s most important asset. Reducing employee turnover, increasing employee loyalty, enhancing company’s reputation, and strengthening employees’ trust and sense of belonging in the company to meet the needs for the company’s development. The company has established a compensation system based on “competence and performance,” which regularly reviews industry payment standards and makes timely adjustments accordingly. |
| Short-term goal | 90+ Points for Employee Satisfaction Survey |
| Medium- and long-term goals | Retention of Critical Posts and Talents |
| Course of action | Establishment of an employee management system for job grade, job post, responsibility allowance, promotion, and demotion as well as an annual salary adjustment system, cadre bonus system, and flexible working hour measures. |
| Results | Satisfaction for 2023 was 93.7 points. This was 3.7 points higher than the satisfaction pre-set target, decreased by 0.5 points compared to 2022. |
| Responsible unit | HR Department |
Compensation System
The company’s salary is determined based on the employee’s educational background, professionalism or technology, years of service, and experience. There are no differential treatments because of differences in gender, religion, race, or party.
Salary Structure and Adjustment
In addition to basic salary, employees are also entitled to duty allowance, shift allowance, overtime fee, holiday bonus, attendance bonus, technology bonus, and other bonuses (such as maintenance or proposal bonuses). For stability and retention of talents, we will regularly review market salary levels obtained from job banks or external salary investigation assessments and make appropriate adjustments to employee’s salaries. Special salary adjustments will be offered to talents with extraordinary performance to rival competitive salary levels in the market.
Professional Technology/Skill Certification Bonus
Production units utilized practical test measures and were awarded special technology certification bonuses based on the technological capabilities of different departments (extrusion/mold/cutting/packaging). The purpose is to enhance employee’s professional skills and improve the company’s manufacturing technology and production capability. A total of $6,072,200 TWD had been awarded in 2023. It was a 7.6% increase over the one for 2021, decreased by 2.1% compared to 2022.
Technological Skill Certificate and Maintenance Award Bonus (Unit: TWD)
Employee Benefit Measures
We promote “Keep Your Family Balanced” philosophy, which also symbolized the company’s acronym KYF. Because of this balance between work and family, the company continues to build up a “Lifestyles of Health and Sustainability” work environment to shape a corporate culture of friendly families.
Birth Subsidy
To echo the government’s promotion of birth encouragement measures and to fulfill a corporation’s social responsibilities, the company establishes guidelines for employee birth subsidies. A subsidy of $3,000 TWD is offered to each child born by an employee or his/her spouse. The total amount for this subsidy in 2023 was $21,000 TWD.
Childcare Allowance
To promote a balance between work and life and mitigate employee’s burden in raising children, the company entered contracts with childcare agencies such as kindergartens – 3 in New Taipei City and 1 in Yilan – each year to offer preferential services to employees’ children enrolled in those agencies. The company also offers childcare allowances twice a year to children under 12 years old. The subsidy for these children is $4,000 per year per child, with no limit on the number of children receiving this subsidy. In 2022, private childcare agencies were also included in the subsidy. The total number of eligible applicants in 2023 was 124, and the total amount for the company’s subsidy was $248,000 TWD.
Provision of Dormitory
The company offers employee dormitories to employees with accommodation needs. All dormitories are equipped with leisure facilities such as recreation rooms for employees to rest and entertain.
Benefit Subsidy
In addition to gifts (coupons) during the employee’s birthday and three major holidays, the company also offers employee travel, children’s education subsidies, wedding subsidies, birth subsidies, relocation subsidies, medical subsidies, funeral subsidies, and so on. The company’s total subsidy amount for 2023 was $2,630,500 TWD.
Designated Stores
The company entered contracts with designated stores to offer preferential treatment to employees for activities about meals, clothes, accommodation, travel, education, and recreation.
Pension System
Our company plans employee retirement benefits by the Labor Standards Act and the Labor Pension Act, as shown in the table below:
| Item | Labor Pension | |
|---|---|---|
| Previous System | New System | |
| Basis of Law | Labor Standards Act | Enforcement of the Labor Pension Act started on July 1, 2005. |
| Applicable Party | Employees regulated by the Labor Standards Act | |
| Percentage of Pension
Appropriation over Salary |
The company established the “Labor Pension Fund Supervision Committee” and a labor pension fund of 3% of an employee’s monthly salary is appropriated accordingly.
Currently, the company has already appropriated the full amount with an appropriation of $50,000 TWD fixed amount each month. The total amount in the old retirement accounts was $17,533,794 TWD (as of 12/31/2023, according to the Taiwan Bank accounts). |
Employer: 6% of the employee’s monthly salary Employee: (paid by employee) 0~6% of monthly salary (This can be deducted in full amount from the personal total income of that year.) |
| Custody Unit | Bank of Taiwan | Bureau of Labor Insurance |
| Terms and Methods of
Payment Application |
In the event an employee retires in the service unit and qualifies for pension-receiving terms stipulated in the Labor Standards Act, the employer will pay the pension accordingly. | The employee is entitled to apply with the Bureau of Labor Insurance to receive the accumulated amount in a personal account at the age of 60 years old. |
| Level of Employee’s Participation
in Retirement Plan |
100% | 100% |
| Note: 1. Labor Pension Act (new system) was enforced on July 1, 2005. Employees working for the company at that time might select a labor pension new system, old system, or temporary no selection before July 15, 2005. For those selected temporarily no selection, the old system will continue to be applied. For employees selecting the new system, labor pension under the new system will have to be paid starting from July 1, 2005. For employees selecting the old system (including temporary no selection), they may change to select the new system within 5 years (before June 30th, 2010). After July 1, 2005, the new system will be universally applied to new employees or those who are employed again after resignation.2. Once the pension system under the Labor Pension Act (new system) is applied, employees may not swab back to apply the old pension system whose requirements are prescribed in the Labor Standards Act. |
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Free Meals
The company cares about employee’s hard work and provides free meals to employees. Free meals are also provided in the event of employees’ need for meals during extended work hours. Starting in 2023, the company has promoted the “one meal without meat for each month” campaign and works together with colleagues in contributing to the Earth and reducing carbon emissions.
Safeguard International Migrant Worker Labor Rights, Comprehensive Support of Migrant Worker “Zero Placement Fee” policy
In terms of caring for migrant workers, the company complies with related applicable laws from the International Labour Organization, the International Organization for Migration, various international covenants, and the domestic Labor Standards Act. Starting in 2022, the company initiated a full-scale implementation of a “Zero Placement Fee” policy for migrant workers. To protect migrant worker’s rights, related expenses incurred during the employment process such as domestic and foreign pandemic prevention expenses, domestic and foreign service fees, physical examination fees and residence certificate fees will all be assumed in full amount by the company. This not only releases migrant workers’ financial pressure when coming to Taiwan to work, but it also allows migrant workers to utilize these saved expenses to improve their quality of life as well as that of their families. “Zero Placement Fee” policy for migrant workers has resulted in the reimbursement of fees for a total of 126 migrant workers, amounting to $3,103,811 TWD in 2023. Each migrant worker can save an average of $24,633 TWD on transportation expenses.
After the implementation of the “Zero Placement Fee” policy, migrants from respective countries do not have to raise funds or borrow money to solve their problems for coming to Taiwan. In the meantime, they do not have to pay agency fees each month after they come to Taiwan. With this, they can work and earn their salaries without any concern. This illustrates King Yuan Fu’s determination to protect migrant worker’s human rights. This policy assists in retaining migrant workers and stability in the company’s workforce while reaching a win-win situation for King Yuan Fu and migrant workers.
Creating a high-quality environment and achieving a balance between work and life
KYF aims to be a second home for its employees, creating a safe and comfortable work environment. In 2023, the R&D building was officially opened, designed with an open office concept similar to Google, to enhance face-to-face interactions. The facility includes a gym, yoga studio, and audio-visual room, fostering a friendlier environment where employees can balance their passion for work while enjoying life.
KING YUAN FU PACKAGING CO.,LTD
