Welfare System
- To provide a number of benefits for employees such as wedding allowance, maternity allowance, funeral allowance and emergency relief assistance etc.
- To provide the year-end banquet and lottery, occasionally to hold the domestic and overseas trips and team activities for employees.
- To provide allowances and vacations for domestic and overseas traveling.
- To provide allowances for foreign language courses and certification fee.
- To provide the comfort and safety dormitory for employees from outside counties.
- There are a diversity of contracted stores for discounts and promotions, which will extend the benefits of employee’s life.
- To provide regular medical check-ups each year for helping employee to understand and manage their own health status timely.
Welfare System
- To provide the year-end banquet and lottery, occasionally to hold the domestic and overseas trips and team activities for employees.
- To provide allowances and vacations for domestic and overseas traveling.
- To provide allowances for foreign language courses and certification fee.
- To provide the comfort and safety dormitory for employees from outside counties.
- There are a diversity of contracted stores for discounts and promotions, which will extend the benefits of employee’s life.
- To provide regular medical check-ups each year for helping employee to understand and manage their own health status timely.
- To provide a number of benefits for employees such as wedding allowance, maternity allowance, funeral allowance and emergency relief assistance etc.
Pension Reserve Funds
According to law, Novatech sets aside (old system) or withholds (new system) pension reserves for every regular employee. In point of the old system (Labor Standards Act), we set aside the pension reserves based on 2% of the total monthly salary and review the annual rate on a regular basis; on the part of the new system (Labor Pension Act), we withhold 6% of every employee's monthly salary to his/ her dedicated pension account according to the salary scale. Employees may also choose to withhold up to 6% of their monthly salaries to their dedicated pension accounts according to the salary scale to protect their rights and interests.
Pension under the old system Applicable law:Labor Standards Act
Pension reserves are set aside monthly in accordance with the Labor Standards Act. The Company has the Supervisory Committee of Labor Retirement Reserve set up in accordance with the "Rules Governing Organization of Supervisory Committee of Business Entities’ Labor Retirement Reserve" to convene on a regular basis to report and supervise the
Pension under the new system Applicable law:Labor Pension Act
For employees arriving at their posts after July 1, 2005 or choosing to adopt the new pension system under the "Labor Pension Act," the Company withholds 6% of their monthly salaries to the dedicated pension accounts at the Bureau of Labor Insurance in accordance with the "Labor Pension Act" or purchases annuities in compliance with the "Insurance Act."
Progress
The retirement system is well implemented. All of our employees have adopted the new pension system except for 28 employees who stick to the old pension system. Novatech sets aside and pays pensions to employees according to law.
