Compensation and Benefits
UMC provides its employees with salaries that are market-competitive in order to attract talented people to join the company. Principles related to compensation, benefits and performance evaluations are listed below :
- The factors that decide the salaries of employees include educational background, work performance and market value. No employee will be discriminated against because of their gender, race, religious beliefs, political stance or marital status.
- Employee salaries are in accordance to all applicable wage laws, including laws on minimum wage, overtime and mandatory benefit.
- In order to achieve personal, departmental and company performance goals as well as understand the job performance of employees, UMC conducts a performance evaluation of all employees every year. The information obtained can be used as a reference during employee promotions, training and when giving out compensation. The evaluation includes reviews of previous performance and the setting of future goals, and managers and colleagues work together to devise developmental plans. Employees with subpar performance will have to go through an improvement plan that focuses on a few critical points to improve their efficiency or assist them in transferring to another unit more suitable for their talents. All transfer requests or changes in job duties go through required procedures and are completed within the time period stipulated in local labor laws.
- 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, variable bonuses, employee compensation, stock compensation (stock option plans and treasury stock), etc.
- Besides providing various types of insurance benefits and pensions according to regulations, UMC also provides group insurance and accident insurance for business trips and overseas travel to ensure the safety of its employees during work and daily life. This will in turn strengthen the trust and cohesiveness between UMC and its employees.
UMC complies with local statutory regulations and systems related to retirement to safeguard the retirement rights of our employees. For Taiwan, the Labor Standards Act was used as the basis to stipulate regulations for the calculations and payment rules of retirement pensions. The Labor Pension Act entered into force on July 1, 2005, and the Act is used as the standard for the provision of the Retirement Benefits Plan. Employees may select pension regulations prescribed by the Labor Standards Act or pension systems applicable to the said Act and retain their work tenures before the said regulations apply to them. For the provision of post-retirement welfare and expenses, please refer to previous annual reports released by UMC. When employees apply for retirement, the company not only provides pension application service, but also awards a "UMC Lifetime Membership,” which offers a selection of healthful and interesting activities for retirement living.