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Yang Ming strives to offer highly competitive compensation and benefits to attract and retain excellent employees. The Company’s overall compensation policy adheres to the philosophy of equal pay for equal work. There is no gender gap in the starting salary of entry level employees. The basic starting salary of new hires was increased from NT$36,000 to NT$43,600 in 2022, growing by 21.1%. In comparison to the basic starting salary in Taiwan in 2022, which was NT$25,250, the starting salary offered by the Company was extremely competitive in the job market. The salary of non-managerial full-time employees is published on the Market Observation Post System on time as required.
Compensation Ratio
The Company always employs employees, adjusts their salary, and determines their promotion salary in accordance with the salary structure, never gives differential treatment due to gender difference, and ensures equal pay for equal work. The salary difference was mainly due to job duties, years of service, performance, and other non-gender factors.
Note: The salary of onshore employees, seafarers and part-timers was taken into account when calculating the median salary of non-managerial fulltime employees.
GENDER EQUALITY AND DIVERSITY
The Company has formulated the Procedures for Handling Sexual Harassment Prevention, Reporting and penalties to make sure that the dignity and personal freedom of employees, job applicants, and business partners are well-protected, that sexual harassment in workplace must never occur, and that preventive, corrective, and penalizing measures are appropriately taken where such incidents have unfortunately occurred. In 2023, a total of 1,413 employees completed the Company’s online course titled Gender Equality and Prevention of Sexual Harassment with a 92.89% pass rate.
In practice, promotional posters are posted in the workplace to increase employees’ gender equality awareness and deter sexual harassment. In addition, courses on sexual harassment prevention know-how and techniques organized by the Human Resources Department are available for the training of ‘seed staff’ from every department. The staff may then carry out necessary promotion to their respective departments. The same can be done by seafarers appointed by the Marine Department following relevant regulations.
As of the end of December 2023, women took up 49.17% of all employees, 33.61% of supervisory positions, 27.27% of decision-making management, and 21.52% of STEM-related positions. The Company abides by the People with Disabilities Rights Protection Act when it comes to the number of employees with disabilities.
EMPLOYEE RIGHTS
Yang Ming is convinced that employees is the most precious assets of the Company. To realize the potential of employees for them to perform works of high quality, in line with the laws and regulations or in conformance with the performance of collective bargaining agreement with seafarers, we offer reasonable renumeration to our onshore and offshore employees and a well-rounded benefit system to care for our employees. Also, with the operative goals of the Company and personal performance combined, we provide incentives to attract and retain brilliant talents. The Company abides by the regulations of the Labor Standards Act and maintains a harmonious labor-management relationship.
Life Insurance (Group Insurance)
The main purpose of “general employee group insurance” taken out in 2022 is to provide life and financial protection for employees and their families when the employees themselves and their dependents need hospitalization due to injury or illness or, unfortunately, pass away or become disabled during the employees’ service in the Company. Initially, 1,520 people were insured, with NT$5,320,244 spent. The number of insureds may increase or decrease every month based on the number of employees.
Trust
●Employee Stock Ownership Trust:Yang Ming offers a 30% subsidy to encourage all employees to participate in the stock ownership trust plan and purchase the Company’s shares. ●Employee Savings Trust:We provide a 20% subsidy to encourage employees to build wealth over the long term by participating in the benefit fund trust plan.
Health Check-ups
●Better frequencies than those required by law are provided, namely once per year for personnel over 40 years old and once per 2 years for those below 40 years old. ●The health check-up allowance was increased to NT$10,000. ●One-day official leave is granted.
Appropriation of Benefit Funds
The Company appropriates 1.5‰ of operating income and deducts and uses 5‰ of employees’ salary monthly as benefit funds in order for the Employee Welfare Committee to provide various benefits.
Paid Personal /Sick Leave
In addition to the leave as required by the provisions of the Labor Standards Act, onshore employees are provided with 5 days of paid personal/sick leave each year, so that they can have flexibility when they have to go on leave. Due to the nature of the work of seafarers, relevant shore leave is provided in accordance with the provisions of the Seafarer Act.
Flextime System
The system enables employees to adjust their working hours flexibly to not only avoid the trouble of commuting during rush hours, but also make it convenient to take care of their families or pick up their children.
Retirement Pension
Yang Ming’s employee retirement policy has been established based on the “Labor Standards Act” and “Labor Pension Act.” The Company makes a monthly pension contribution to designated accounts to ensure the contribution and payment of employees’ pensions, thereby further encouraging their long-term service in the Company and growth with us.
Subsidies and Allowances
Allowances in 2022 – Number of employees receiving/benefited amount invested/of the allowances ● Birthday cash gift – 2,057 recipients; NTD 10,285 (thousand) ● Wedding cash gift – 41 recipients; NTD 205 (thousand) ● Retirement cash gift – 37 recipients; NTD 370 (thousand) ● Hospitalization benefit – 68 recipients; NTD 136 (thousand) ● Childbirth allowance – 24 recipients; NTD 120 (thousand) ● Education allowance for employees’ children (2 times per year) – 1,094 recipients; NTD 4,763 (thousand) ● Scholarship for employees’ children (2 times per year) – 162 recipients; NTD 810 (thousand)
Wedding Gold Accessories
In order to enhance the happiness of employees' families, Yang Ming holds an annual commemoration for the 40th, 30th, 20th and 10th anniversary of their marriages, where each family is given 22.5 grams, 18.75 grams, 15 grams, or 11.25 grams of gold accessories, respectively. In 2022, a total of 63 employees received the gold accessories.
Preschool Center
To support the public childcare policy implemented by the government and provide a more convenient and friendly working environment for childcare for employees, the Company set up a cooperative preschool service center at the Xin Yi office building in Keelung, which was officially put into service on August 15, 2022. The preschool center enrolls preschoolers at the age of 2-6 and prioritizes the children and grandchildren of the employees. The monthly tuition is only NT$2,000, which is the same as that of non-profit kindergartens, significantly reducing the parenting and financial burden of the employees. With the center, the employees are able to give birth to and raise children with no worries and ensure work-family balance, facilitating a childcare-friendly workplace
Club Activities
There were 26 clubs in 2022, including table tennis, badminton, golf, volleyball, tennis, basketball, swimming, bowling, aerobic dance, and yoga clubs.
Application for Parental Leave in 2022
| Item | Female | Male | Total |
|---|---|---|---|
| Number of employees applying for parental leave eligibility in 2022 | 4 | 0 | 4 |
| Number of employees applying for parental leave in 2022 | 4 | 0 | 4 |
| Number of employees who should return to work from parental leave in 2022 | 8 | 2 | 10 |
| Number of employees who should and did return to work from parental leave in 2022 | 8 | 2 | 10 |
| Number of employees who returned to work from parental leave in 2021 | 15 | 1 | 16 |
| Number of employees who returned to work from parental leave in 2021 and continued to work for one year in 2022 | 15 | 1 | 16 |
| Parental leave return-to-work rate | 100% | 100% | 100% |
| Parental leave retention rate | 100% | 100% | 100% |
EXECUTION GOALS
Onshore Employees
| Topic | Goals in 2022 | Execution Results in 2022 | Goals in 2023 | Mid-/Long-term Goals |
|---|---|---|---|---|
| Employee compensation and benefits | Formulate benefits:
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