TransAsia Airways Corp (TNA, 復興航空) announced yesterday that it would offer NT$14.9 million (US$496,200) each in compensation to the families of 48 passengers and crew who died in the crash of TransAsia Flight GE222 to Penghu last month.
The amount surpasses the highest compensation paid by a Taiwanese airline of NT$14.2 million per victim, which was paid by China Airlines Ltd (中華航空) to the families of the 225 people who died in the Flight CI611 crash of 2002.
Before the final conclusion of investigations into the cause of the crash are made public, TNA reached the decision at a meeting yesterday with families of the victims of the disaster.
Photo courtesy of TransAsia Airways Corp
“As an expression of the company’s highest sincerity, the company decided on the compensation payment by taking into consideration related regulations and precedents internationally and domestically,” the carrier said in a statement.
The Aviation Safety Council, which is leading the investigation into the crash, said it would accelerate the pace of the investigation to make it clear what was responsible for the disaster as soon as possible.
The NT$14.9 million per victim includes an out-of-court settlement of NT$13.5 million, as well as a preliminary pension of NT$200,000 and a funeral subsidy of NT$1.2 million the carrier has already paid.
Families of the people killed have not accepted the offer yet. However, if they decide to do so, TNA losses as a result of the crash would amount to NT$715.2 million. The company has also met the medical expenses and offered other compensation to 10 injured passengers and five Penghu residents.
Part of the compensation for the casualties is set to be covered by aviation insurance, with the amount remaining undecided. TNA did not specify if the compensation payment would impact the company’s business and profitability in the future.
TNA officials are to hold talks with each of the families of the victims to finalize the amount of compensation.
The carrier has posted the highest earnings per share (EPS) for the year among the nation’s three listed airlines on the back of lower operating costs and its expansion of international routes over the past year.
TNA, which operates mainly regional and cross-strait routes, earned NT$158.31 million, or NT$0.29 per share, for the first six months of this year, compared with net losses of NT$186.3 million, or NT$0.34 per share, during the same period last year, the company said in a statement.
Real estate agent and property developer JSL Construction & Development Co (愛山林) led the average compensation rankings among companies listed on the Taiwan Stock Exchange (TWSE) last year, while contract chipmaker Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) finished 14th. JSL Construction paid its employees total average compensation of NT$4.78 million (US$159,701), down 13.5 percent from a year earlier, but still ahead of the most profitable listed tech giants, including TSMC, TWSE data showed. Last year, the average compensation (which includes salary, overtime, bonuses and allowances) paid by TSMC rose 21.6 percent to reach about NT$3.33 million, lifting its ranking by 10 notches
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