Taipei-Taiwan-based Hon Hai Precision Industry Co., the world's largest contract electronics maker, has decided to increase the subsidies it pays to employees with children.
In a statement released Tuesday, iPhone assembler Hon Hai, also known as Foxconn in the global market, said it will give NT$15,000 (US$500) per month per child to employees who have children up to 6-years-old, starting Feb. 1.
The new incentives represent the expansion of an existing program that covers children up to 3-years-old.
Hon Hai first introduced its child subsidy in 2015 in a bid to encourage employees to have babies at a time when Taiwan's birth rate continues to fall.
In 2019, subsidies were paid for almost 500 children of eligible employees, amounting to a total of nearly NT$20 million.
Under the expanded program, Hon Hai estimates that about 700 children will benefit, with the cost expected to hit about NT$130 million a year, the company said.
The new program also reflects a political platform initiated by Hon Hai founder Terry Gou (???), who stepped down as company chairman in June 2019 to enter politics by taking part in the presidential primary of the opposition Kuomintang (KMT).
Although Gou lost in the KMT primary in July, he has now carried out part of his political agenda, in which he argued that the government should give subsidies to all parents with children aged six and under.
According to Hon Hai, the subsidy program is part of the company's efforts to take better care of its employees by establishing an internal healthcare network.
In addition to the subsidy for children, Hon Hai has also launched efforts to help employees take care of senior family members.
Hon Hai provides medical professionals to those employees who have senior family members who need medical care, while the company also dispatches specialists to employee's homes to survey their living environment and improve facilities, such as bathrooms, in a bid to make them safer for seniors.
Meanwhile, Gou has announced he is planning to form a venture capital firm to focus on high tech investments.
He said the venture capital firm is expected to seek investment opportunities overseas by touring markets such as the United States, Israel and Germany.
Source: Focus Taiwan News Channel