Formosa Plastics Group (FPG, 台塑集團) yesterday said that it plans to increase its employees’ salaries by 3.378 percent this year.
The nation’s largest industrial conglomerate adjusts its employees’ salaries every July.
Last year, it gave 4 percent raises and offered a bonus of NT$4,000 (US$128.61) per worker.
A union representative said that the decision was close to the union’s expectations.
“The union understands that the US-China trade dispute and low prices for Brent crude oil have been taking a toll on FPG’s profits, and the 3.378 percent hike is better than the group’s earlier offer of an increase of 3.22 percent,” Wu Chi-chung (吳祈忠) said after meeting with FPG chairman William Wong (王文淵) and other company officials in Taipei.
The result was not far from the union’s initial request of a 3.5 percent salary increase, Wu said.
The raises would result in each worker receiving an additional NT$1,800 per month, he said.
The group has about 33,000 workers with an average monthly salary of about NT$53,352, company data showed.
Based on company data, the 3.378 percent raise suggests that FPG would spend an additional NT$59.47 million per month, or NT$713.68 million per year, on personnel costs.
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