Taiwan Cooperative Bank to raise wages by 4.53%

Taipei, Taiwan Cooperative Bank, the flagship banking arm of Taiwan Cooperative Financial Holding Co., said Friday that it has raised wages for its employees by 4.53 percent on average, dating back to April.

Lei Chungdar chairman of the financial holding firm, said wage hikes for entry level employees were even higher, averaging 6.67 percent, because the bank wanted to take better care of its new employees.

Taiwan Cooperative Bank, which has a workforce of more than 8,000, posted a record high for net profit in 2018, and it decided to share the benefits with its employees, Lei said.

The bank, the main profit engine of Taiwan Cooperative Financial, posted a net profit of NT$14.77 billion (US$476 million) in 2018, up from NT$12.91 billion a year earlier.

Currently, Taiwan Cooperative Bank is the second largest lender in Taiwan after Bank of Taiwan.

Taiwan Cooperative Bank's parent company also did well in 2018, Lei said.

Taiwan Cooperative Financial posted a net profit of NT$16.02 billion, up 8.86 percent from a year earlier, and its earnings per share of NT$1.24 were the highest since the financial holding company was established in 2011.

At an annual general meeting held Friday, shareholders approved a proposal for the financial holding company to issue a cash dividend of NT$1.05 per share on its 2018 EPS.

As of the end of 2018, Lei said, Taiwan Cooperative Financial had total assets of NT$3.5 trillion, the seventh most among Taiwan's financial holding firms.

Source: Focus Taiwan News Channel