The company's total debt has reached NT$39.6 billion with its deficit increasing every month. Moreover, it has to pay NT$1.7 billion every year in retirement pensions as a result of its downsizing.
TMTC is to end its operations on June 30, "otherwise it will become bankrupt and the employees won't even get a penny," said Fan.
The company said it would pay the four months' bonus it owes employees by May 29.
The company has suggested to employees that they might use their severance pay to establish their own passenger transportation company. Fan said 1,093 of the company's 3,141 employees have taken such advice.
Others are to be transferred to the transportation and communications ministry's subordinate agencies and private passenger transportation companies, while job training is also available for those that want to work somewhere else, said Fan.
"There are no more than 700 TMTC employees uncertain about their future after privatization," Fan said.
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