Fubon Financial's median year-end bonus to top 8 months of wages

Taipei, Jan. 13 (CNA) Fubon Financial Holding Co., one of the leading financial holding firms in Taiwan, will give median year-end bonuses to its employees equivalent to more than eight months of wages for the upcoming Lunar New Year holiday after the company's net profit hit a new high in 2024.

Speaking with reporters on the sidelines of the firm's "weiya' or year-end dinner, over the weekend, Fubon Financial Chairman Richard Tsai (蔡明興) said the company always gives year-end bonuses to employees based on their performance.

As Fubon Financial saw an improving bottom line last year, Tsai said, the median year-end bonus will top eight months of wage this year, up from 7.75 months last year.

In Taiwan, employers usually issue year-end bonuses before the Lunar New Year holiday, which starts on Jan. 25 this year and runs through Feb. 2.

In a survey released earlier this month, online job bank 1111 said employers in Taiwan are planning to give an average of 1.39 months of salary as year-end bonuses with the financial sector expected to give 1.97 months of salary on average as year-end bonuses, the largest among the major business sectors.

In 2024, Fubon Financial posted a new high of NT$151.16 billion (US$4.55 billion) in net profit, with earnings per share at NT$10.8. The strengthening profitability made the firm the most profitable company in the local financial holding sector in terms of EPS for the 16th consecutive year.

Among its subsidiaries, Fubon Life Insurance Co. and Taipei Fubon Commercial Bank also raked in record highs of NT$102.53 billion and NT$30.54 billion in net profit in 2024, respectively.

Riding the waves of record net profit, Tsai said, Fubon Financial will give a salary raise to its employees this year after taking into account wage hikes at its counterparts in the sector, domestic inflation and the local economic growth.

Last year, Fubon Financial raised wages by about 4 percent on average, though some employees with impressive performances secured raises of up to 20 months.

On the back of the new high in net profitability in 2024, Tsai said Fubon Financial is likely to issue a higher dividend to shareholders in 2025 to maintain a good yield dividend.

In 2024, Fubon Financial gave NT$3 in dividend per share, comprised of NT$2.5 in cash and NT$0.5 in stock.