Lion Travel Service Co (雄獅旅行社) yesterday said that it will raise wages by up to 20 percent to retain employees and expand its workforce, as outbound travel increases in the post-COVID-19 era.
The company plans to invest NT$100 million (US$3.29 million) this year by raising wages 10-20 percent for employees based on their performance, position and original salary level, Lion Travel said.
After the upcoming wage adjustments, more than 95 percent of the company’s employees are expected to see their guaranteed wage rise, Lion Travel said, adding that it will provide appropriate bonuses to employees as further incentives.
Photo courtesy of Lion Travel Service Co
“The company has acknowledged that competitive wages serve as an important foundation to retain employees and attract talent,” Lion Travel said.
The NT$100 million budget represents an almost 10 percent increase from last year.
Lion Travel has 1,800 employees around the world, operates 26 outlets in Taiwan and nine overseas, covering business in Taiwan, China, Hong Kong, East Asia, Southeast Asia, the Americas, Europe and Oceania, the company said.
In addition to the wage hikes, Lion Travel will allocate part of the planned NT$100 million to recruit more than 500 new staff this year in a wide range of fields, including artificial intelligence-related digital technologies, marketing, itinerary design and business management, it said.
The company has also introduced measures to improve employee welfare, including the establishment of a stock trust funded by a provident fund, allowing employees to hold company shares — a way for them to grow with the company. Lion Travel said that nearly 70 percent of employees have joined the trust.
Amid strong demand for outbound travel, Lion Travel posted its highest-ever first-quarter net profit of NT$426 million, up 30.95 percent from a year earlier with earnings per share at NT$4.57, compared with NT$3.47 a year earlier.
Despite uncertainties created by US President Donald Trump’s administration and volatility in the foreign exchange market, Lion Travel’s products in the North American market remain competitive, while demand for destinations in Japan remains strong for the upcoming summer vacation, the company said.
According to data compiled by the Tourism Administration, the number of outbound travelers from Taiwan hit 16.65 million last year, up 42.84 percent from a year earlier.
In the first two months of this year, the number rose 13.03 percent from a year earlier to 3.03 million, the data showed.
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