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Compensation and Benefits
Compensation and Benefits
Salary and Bonus System
- Year-end Bonus.
- Employee bonuses and rewards based on operational performance.
- Employee stock ownership trusts, stock warrants, restricted shares, etc.
- Patent research and development bonuses.
- Innovation and improvement proposal bonus.
- Ten-year senior employee gold coin distribution.
Leave system
- Better than the Labour Law leave system.
- Special leave can be taken in advance.
- Flexible working hours.
- Marriage leave, maternity leave, paternity leave, maternity leave and bereavement leave are granted in accordance with the law.
Insurance system
- Handle various benefits such as labor insurance, occupational accident insurance, national health insurance, and new pension contribution according to the law.
- Group insurance.
Employee Benefits
domestic and foreign travel subsidies and sending gift vouchers for three traditional festivals (Chinese New Year holidays, Dragon Boat Festival, and Mid-Autumn Festival), and also provides welfare subsidies for employees to apply, including weddings, funerals, or childbirth subsidies.
Employee Care
- Free regular employee health check-ups (spouses and dependents can participate at the same cost as employees).
- Regular on-site physicians and occupational health services.
▸Conduct regular health check-up consultations and periodic health lectures for employees.
▸Purchase blood pressure monitors to initiate individual care for employees. - Establish the "Maternal Health Protection Management Measures," set up lactation rooms, and continue to care for the physical and mental health of female employees during pregnancy, childbirth, and breastfeeding.
- Care for the safety and health status of middle-aged and elderly workers.
- Establish "Human Factor Hazard Prevention Implementation Plan" to prevent occupational injuries.
- Ensure that employees are protected from workplace misconduct while performing their duties.
- Pregnancy Care: Pregnant-friendly parking spaces, maternity gifts.
- Maternity Leave Support: Extended maternity leave for geriatric pregnancy (better than the leave stipulated by labor laws).
- Life-friendly - Diverse Leave Policies: Apply for work from home is permission due to kindergarten and first-grade enrollment, or when your children are unable to attend school because of a class or campus-wide suspension for a legally mandated contagious disease.
Retirement systems and the status of their implementation
Given that EMC was founded on March 3, 2008, the new pension system prescribed in the “Labor Pension Act” is applicable to all employees.
According to the Act, the appropriation rate of labor pension funds borne by EMC every month shall not be less than six percent of the worker's monthly wage.
EMC has formulated the employees retirement regulations in accordance with the Act, and shall on a monthly basis contribute labor pension funds, i.e., six percent of the worker's monthly wage to individual labor pension accounts at the Bureau of Labor Insurance.
Subsidiaries in mainland China shall, in accordance with the local government's laws and regulations, appropriate endowment insurance funds at a certain percentage of the employee's total salary, contribute them to the relevant government department, and deposit the amount in the specific and separate account for each employee.
The regulations applicable to EMC in accordance with the Labor Pension Act are as follows:
(1)Voluntary retirement:
A worker may apply for voluntary retirement under any of the following conditions: (Those who choose to apply the Labor Pension Act, the same Act shall apply.)
A. Where the worker attains the age of fifty-five and has worked for fifteen years.
B. Where the worker has worked for more than twenty-five years.
C. Where the worker attains the age of sixty and has worked for ten years.
D. Retirement applications should be made no later than one month before the scheduled effective date.
(2)Retirement benefits for the seniority accumulated:
A. With reference to Article 23 of the Labor Pension Act, the labor pension shall be paid and calculated in accordance with the Labor Pension Act.
B. The retirement age has been set to 61 starting from 2018, and thereafter will be increased by one year every other year. By 2026 the retirement age will be 65 expectedly.