Human Rights Management
PANJIT is dedicated to the protection of the employees’ basic human rights, and complies with the labor related laws and regulations where its global operation bases are located in. We are committed to supporting and complying with the Universal Declaration of Human Rights (UDHR), UN Global Compact, International Labor Organization (IOL) Convention, and other internationally recognized human rights and standards and treat all employees fairly, reasonably, and with dignity and respect.
The company obtained the SA 8000 certification in 2014 and has established the Corporate Social Management Manual in accordance with SA 8000, international conventions and organizations, Universal Declaration of Human Rights and the requirements of international standards for corporate social responsibility as well as local labor-related acts to set visions and policies in relation to corporate social responsibility with the contents of the following six major axes, including Compliance, Energy Conservation and Waste Reduction, Elimination of Risks, Respect for Human Rights, Discipline and Responsibility, and Continuous Improvement.
Equality and Diversity in the Workplace
PANJIT is devoted to creating a friendly working environment with equality, diversity, and inclusiveness. All the employees enjoy equal remuneration and promotion opportunities regardless of
gender. In addition to employees with Taiwan nationality, there are also employees from Thailand, the Philippines, Vietnam, Malaysia, Indonesia, Germany, and South Korean, forming a workplace with diversity. The company is dedicated to the implementation of equality in employment and a friendly working environment with diversity and inclusiveness. All employees enjoy equal pay for equal work as well as equal promotion opportunities regardless of gender. In 2023, among the non-managerial positions, female employees accounted for 53.8% and those in managerial positions accounted for 7.7%. The workplace we provide allow employees to have the same opportunities to give full play to their talents regardless of gender restrictions.
Compensation System
Considering the external competition, internal fairness and legality, PANJIT provides reasonable and market-competitive salaries and link them with the company’s business performance, providing a diverse and competitive salary system (performance bonus, year-end bonus, employee compensation bonus) to attract, retain, develop, and motivate employees with the concept of sharing profits with employees. In addition, it is stipulated in Article 19 of the Articles of Association that when the company makes profits during the year, no less than 6% of pre-tax income of the current year shall be distributable as employees’ compensation. However, the company’s accumulated losses shall have been covered.
PANJIT employs new employees with the salary better than the minimum wages prescribed in the Labor Standards Act, and the compensation criteria of all employees does not differ due to gender or race. Moreover, we also conduct a survey on the salary levels regularly, prepare budgets to make salary increase on a regular basis, and provide special budget for salary increase for critical positions, critical talents, and talents with great performance, continuing to provide market-competitive salaries. The average salary of grassroots employees in 2023 complied with the legal
minimum wage of NTD 26,400 of the year. The difference in salaries between male and female employees was mainly due to the different nature of the workstations the employees belong to.
Employee Benefits
In terms of employee care and welfare, in addition to the labor insurance, health insurance, labor pension, parental leave, and other related leaves stipulated in the Labor Standards Act, PANJIT has also established an Employee Welfare Committee to provide diverse employee welfare measures that are better than regulations, including employee travel, scholarships, life insurance and critical illness insurance, injury and illness condolences, gifts on three festivals, allowances and bonuses, paid birthday leave, and established the employee share ownership trust (ESOT), striving to establish a comprehensive welfare system and care for our employees so that their work and life can be more secure. In 2023, the employee welfare expenses totaled approximately NTD 31,113,071 (excluding salary), and the average employee welfare expenses was NTD 21,208.63 / per employee.
Employee Share Ownership Trust (ESOT)
To encourage our employees to make long-term deposit and management of money, enhance their cohesion and ensure economic stability when they retire in the future, the Employee Welfare Trust was launched in October, 2022, and the Employee Stock Ownership Association was established. Based on the monthly funds withdrawn by the employees themselves, the company also allocates bonus funds and hands it over to the trust. Through the trust mechanism, employees are encouraged to increase their savings by purchasing the company’s stocks, which also encourages employees to create great performance with the company for the sustainable development of the company.
The ESOP plan is participated freely, and the employees can join voluntarily. It is agreed that participating employees will withdraw money from their monthly salary, and the company will also provide bonuses better than those provided in the industry as additional salary increase to make fixed-term and long-term investment every month in PANJIT’s stocks in the open market. It is hoped to encourage employees to make long-term and stable investment, balance work and life, increase security for future life, and further create a win-win labor-management relationship. As of the end of 2023, 72.7% of our employees joined the ESOT.
Talent Development
PANJIT is highly supportive and committed to talent development. Senior supervisors review the critical talent development on a regularly basis and are dedicated to the promotion of sharing global learning resources. In addition to the comprehensive education and training system, we also provide lectures on general topics set based on the level of positions to allow our employees to learn and grow. We hope that all employees can enjoy work, learn and grow, and work together to build empowerment at work, and further become the inheritors to pass on the professional technologies and spirit of management from generation to generation.
Employee Health and Safety
Retirement Benefits
To ensure the economic security of our employees after retirement so that they can make proper arrangements before retirement and adapt to future changes in life, PANJIT strictly complies with legal regulations and contributes to labor pension for every employee on a monthly basis. As of the end of 2023, 0.95% of employees used the old pension system while 99.05% used the new pension system.
Those applicable to new labor pension system of the Labor Pension Act
Starting from July 1, 2005, the company has contributed 6% of the employees’ wages to their individual pension accounts on a monthly basis for those applicable to the provisions of the Labor Pension Act.
The employees can also choose to allocate an additional 0~6% to their pension accounts.
Those applicable to the old labor pension system of the Labor Standards Act
The company appropriates 2% of the total monthly wages of the employees as the labor pension reserve funds and deposits the amount in the designated account. The calculation of pension is based on the employees’ average salary (full salary plus overtime pay) in the recent six months. Before the end of each year, the balance of the labor pension reserve account is estimated. If the balance is not sufficient to pay the estimated amount of labor pension meeting the retirement conditions in the following year, it will be fully replenished before March of the following year to protect the employees’ interests and rights. The pension of the old seniority pension system in 2023 has been fully appropriated by the end of March, 2024 to protect and safeguard the interests and rights of the employees.