TSMC employee benefit plan includes pet care for first time

Taipei, Nov. 30 (CNA) Taiwan Semiconductor Manufacturing Co. (TSMC), the world's largest contract chipmaker, recently included pet care in its global employee benefit plan for the first time.

In an electronic report on the chipmaker's environmental, social and governance (ESG) initiatives published earlier in the week, TSMC said pet care has been included in its Global Flexible Benefit Plan (tFlex), which was launched earlier this year to enhance benefits for employees, in addition to its competitive compensation, benefits exceeding legal requirements and a safe and healthy working environment.

TSMC said in recognition of pets as "important family members in modern society," the company has included pet care in its flexible benefit plan, with related expenses accounting for 1.5 percent of total applications under the tFlex.

With the tFlex, full-time employees are offered flexible benefit points equivalent to about US$250 each a year, with points in Taiwan equivalent to NT$8,000 (US$246) each, and employees allowed to choose and redeem points according to their different life styles, TSMC said.

According to TSMC, the global benefit program covers four major areas: "medical and insurance" to protect the health of employees and their family members; "family care" to take care of family members; "wellness" to improve employee health and wellness activities; "development and volunteering" to support employee growth and contributions to the community.

As of early November, a total of 81,828 tFlex applications had been received, valued at NT$470 million, with more than half in the family care category (54 percent) followed by medical and insurance (18 percent), wellness (16 percent), and development and volunteering (12 percent), TSMC said.

Pet care is part of the family care category along with other areas, such as travel expenses, parental care, child education and care, family membership and legal consultation, TSMC added.

The company said it believes high quality work and benefits are a key to attract and retain talent.

"TSMC considers the development and needs of employees at different stages of their careers, while also encouraging them to participate in community service activities to give back to society," the company said.

"Through tFlex, TSMC encourages employees to choose benefit plans that meet their individual needs and continues to evaluate the expansion of coverage," it added.

According to TSMC, the company's employees come from 48 different countries and have education backgrounds ranging from high school/vocational high school to Ph.D levels.