The number of companies in Taipei that reported layoffs in the first 11 months of this year reached 101, the most since 2011, the Taipei City Government’s Department of Labor said yesterday.
Slow economic growth and weakening global demand due to the COVID-19 pandemic might have caused the wave of layoffs, it said. The number of discharged workers reported by the firms was 3,970, the department said.
Among the companies, 27 percent are in the wholesale and retail sectors, which accounted for 1,089 layoffs, followed by those in accommodation and food services, (576 layoffs) and information and communications (458 layoffs), department data showed.
Far Eastern Air Transport discharged the highest number of employees among the firms, releasing 528 workers after announcing in December last year that it would cease operations.
Luxury hotel Mandarin Oriental Taipei discharged 207 employees after it stopped taking room reservations in June to cut costs amid slumping demand from business travelers due to pandemic-related travel restrictions.
Reporting requirements for layoffs depend on the size of a company’s workforce and are defined in the Act for Worker Protection of Mass Redundancy (大量解僱勞工保護法).
For example, a company with fewer than 30 employees is required to report to local labor authorities if it plans to discharge more than 10 workers within 60 days.
A firm with more than 500 employees is required to report layoff plans of more than 20 percent of its workforce within 60 days, or 80 workers in a single day, according to the act. Firms that fail to report layoffs face fines of between NT$100,000 and NT$500,000.
The heads of three major US banks on Wednesday pledged that they would withdraw from the Chinese market if Washington imposed sanctions on Beijing in response to an invasion of Taiwan. JP Morgan Chase chairman and CEO Jamie Dimon, Bank of America chairman and CEO Brian Moynihan and Citigroup CEO Jane Fraser told lawmakers at a hearing of the US House of Representatives Committee on Financial Services in Washington that the three banks would follow the guidance of the US government to exit China if necessary. The three bankers made the pledge after US Representative Blaine Luetkemeyer asked the three if they
HIGH STAKES: An attack on Taiwan could prompt a joint response from the US and Japan, and trigger a global conflict that could bring down the CCP, Liu Tai-ying said The Chinese People’s Liberation Army (PLA) would not be able to launch an invasion of Taiwan for at least another 10 years, Taiwan Research Institute founder Liu Tai-ying (劉泰英) said on Friday. To occupy Taiwan, China needs to transport at least 300,000 to 400,000 troops across the Taiwan Strait during battle, but it would lack the ability to do so for at least another decade, said Liu, a former Chinese Nationalist Party (KMT) treasurer and a close aide to former president Lee Teng-hui (李登輝). The challenges that China would face during an attempted invasion of Taiwan would be even greater than those
CHINA CRITIC: Prime ministerial candidate Giorgia Meloni, the front-runner in today’s election, said that she would not renew a Belt and Road Initiative deal with Beijing Italian lawmaker Giorgia Meloni, the front-runner to become the country’s next prime minister, is expected to reverse course on Italy’s support for China’s Belt and Road Initiative and strengthen ties with Taiwan if a coalition headed by her party wins the country’s general election today. “Without any doubt, if there is a center-right government, it is sure that Taiwan will be an essential concern for Italy,” Meloni told the Central News Agency in an interview. Italians are to vote in a snap election triggered by the resignation of Italian Prime Minister Mario Draghi following a failed attempt to get his coalition partners
HAWAII MODEL: While Hawaii held a referendum on becoming the 50th US state, Taiwan has never applied to join the People’s Republic of China, Miles Yu said China comparing Taiwanese independence to Hawaii seeking independence from the US is illogical, as Taiwan has never applied to be a part of the People’s Republic of China (PRC), Hudson Institute senior fellow Miles Yu (余茂春) said over the weekend. Chinese Minister of Foreign Affairs Wang Yi (王毅), who is in New York for the UN General Assembly, has given multiple talks asserting Chinese sovereignty over Taiwan. In a speech to the Asia Society on Thursday, Wang likened Taiwan to Hawaii. “Just as the US would not allow Hawaii to break away,” Beijing “reserves the right” to seek unification, Wang told the gathering. The