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Yang Ming strives to offer highly competitive compensation and benefits to attract and retain excellent employees. The compensation and benefits provided by all our offices around the world comply with local legal requirements and are higher the local legal minimum wage. All our full-time employees are entitled to the insurance and pension plans required by law. Our overall compensation policy adheres to wage equality, and our employees are not paid differently based on regions, ethnicity, race, family background, social class, ancestry, religion, physical disability, gender, sexual orientation, pregnancy, marital status, union membership, political opinions, and age. The Company's reward system is considered based on the concept of total compensation, including salary and benefits, bonuses, and remuneration. There is no difference in starting salary between our female and male entry-level employees. The basic starting salary of new recruits in 2023 was NT$43,600, which was 65.15% higher than the minimum wage of NT$26,400 in Taiwan in 2023 and 180.59% higher than the basic living expense per person of NT$202,000 announced by the Ministry of Finance in 2023. The starting salary of the company is highly competitive in the market. The salary of non-managerial full-time employees is published on the Market Observation Post System on time as required.
Compensation Ratio
The Company always employs employees, adjusts their salary, and determines their promotion salary in accordance with the salary structure, never gives differential treatment due to gender difference, and ensures equal pay for equal work. The salary difference was mainly due to job duties, years of service, performance, and other non-gender factors.
- Average Salary of Non-Managerial Full-Time Employees and Its Difference Compared to the Previous Year
| Unit | 2022 | 2023 | Difference | |
| Total Salary of Non-Managerial Full-Time Employees | NT$ thousand | 4,793,161 | 2,097,874 | -56% |
| Number of Non-Managerial Full-Time Employees | Employee | 1,621 | 1,634 | 1% |
| Average Salary of Non-Managerial Full-Time Employees | NT$ thousand | 2,957 | 1,284 | -57% |
| Median Salary of Non-Managerial Full-Time Employees | NT$ thousand | 2,585 | 1,130 | -56% |
Note：The salary of onshore employees, seafarers and part-timers was taken into account when calculating the median salary of non-managerial full-time employees.
- Ratio of the Standard Salary of Entry-Level Employees to the Local Minimum Wage and annual basic living expense in 2023, by Gender
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 2023 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, 1,513 people were insured, with NT$5,112,714 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 Employee 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 employee savings 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 longterm service in the Company and growth with us.
Subsidies and Allowances
Allowances in 2023 – Number of employees receiving／benefited Amount invested/of the allowances：Birthday cash gift - 2,051 recipients; NT$10,255 (thousand)／Wedding cash gift - 20 recipients; NT$100 (thousand)／Retirement cash gift - 50 recipients; NT$500 (thousand)／Hospitalization benefit - 76 recipients; NT$152 (thousand)／Childbirth allowance - 36 recipients; NT$180 (thousand)／Education allowance for employees' children (2 times per year) - 1,125 recipients; NT$4,848.5 (thousand)／Scholarship for employees' children (2 times per year) - 145 recipients; NT$701 (thousand)
Wedding Gold Jewelry
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 2023, a total of 68 employees received the golden jewelry.
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 29 clubs in 2023, including table tennis, badminton, golf, volleyball, tennis, basketball, swimming, bowling, aerobic dance, yoga, and physical training clubs.
Application for Parental Leave in 2023
| Item | Female | Male | Total |
|---|---|---|---|
| Number of employees applying for parental leave eligibility in 2023 | 14 | 3 | 17 |
| Number of employees applying for parental leave in 2023 | 14 | 3 | 17 |
| Number of employees who should return to work from parental leave in 2023 | 12 | 4 | 16 |
| Number of employees who should and did return to work from parental leave in 2023 | 8 | 2 | 10 |
| Number of employees who returned to work from parental leave in 2022 | 15 | 1 | 16 |
| Number of employees who returned to work from parental leave in 2022 and continued to work for one year in 2022 | 15 | 1 | 16 |
| Parental leave return-to-work rate | 67% | 50% | 63% |
| Parental leave retention rate | 100% | 100% | 100% |
Employee Engagement Survey
Employee care is a core focus of the Company’s overall development. Our employees can directly submit their suggestions or comments on the Company through the Chairman and employee mailboxes. We also commissioned Mercer (Taiwan) Ltd. to conduct an employee engagement survey in the fourth quarter of 2023. The survey was conducted for our seafarers and onshore employees, and it includes Job Satisfaction (external motivation), Purpose (internal motivation), Happiness, and Stress. We hope that through the third-party consulting company's professionalism, we can summarize the opinions of employees of Yang Ming, identify the current status of the organization, understand what the Company can further improve for our employees, and plan future employee care and talent cultivation and development blueprints, so as to allow our employees to grow with the Company, enhance employee well-being, improve the Company's organizational atmosphere, and seek a better working environment and career development.
A total of 1,954 employees were invited to participate in the 2023 employee engagement survey, which was open from October 16 to November 6. A total of 1,843 employees completed the survey (94%), and the overall employee engagement score was 61.
EXECUTION GOALS
Onshore Employees
| Topic | Goals in 2023 | Execution Results in 2023 | Goals in 2024 | Mid-/Long-term Goals |
|---|---|---|---|---|
| Employee compensation and benefits |
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