Compensation and Benefits
UMC provides a competitive overall compensation and benefit package to attract excellent talent to join the UMC team. Principles related to compensation, benefits and performance evaluations are listed below :
- UMC’s employee compensation is based on educational level, performance, and market value, regardless of gender, race, religion, political position and marital status.
- UMC employees enjoy the compensation and benefits which are in line with all applicable local laws and regulations in terms of minimum wage, working hours(including overtime), social insurances, retirement pension, and other mandatory benefits.
- In order to form a cohesive bond between UMC and its employees as well as abide by regulations, UMC has provided various forms of compensation and benefits, including salary increases, differentiated bonus, employee compensation, stock remuneration (employee stock option certificates and treasury shares), etc.
- Besides providing various types of insurance benefits and pensions according to regulations, UMC provides employees with additional group insurance, and travel insurance for overseas business trips to ensure work and life security for its employees. This will in turn strengthen the trust and cohesiveness between UMC and its employees.
- In order to achieve personal, departmental and company performance goals as well as understand the job performance of employees, UMC conducts annual performance evaluation for all employees regardless of gender and job category every year. The information obtained can be used as a reference during employee promotions, training, and compensation adjustment. The evaluation includes reviewing of previous performance and the setting of future goals, and managers and colleagues work together to agree on the priority of focuses, and devise developmental plans based on current working style, capability, career goals, and project evaluation. Employees with poor performance will be supplemented with key improvement plans to improve work efficiency.
UMC complies with local statutory regulations and systems related to retirement to safeguard the retirement rights of our employees. In Taiwan, the Labor Standards Act was used as the basis to stipulate regulations for the calculations and payment rules of retirement pensions. Since July 1, 2005, the Labor Pension Act became effective as a defined contribution plan. Employees may select to keep applying to pension regulations prescribed by the Labor Standards Act or switching to the new pension systems applicable to the Labor Pension Act. They also can retain their seniority on the previous pension system. For the relevant post-employment benefit plan allocation and expense amount, please refer to previous annual reports.
When employees apply for retirement, the company not only provides pension application service, but also awards "UMC Recreation Center Lifetime Membership,” which offers a selection of healthful and interesting activities for retirement live.