Taiwanese financial holding companies to raise salaries

Companies to hike pay to up to 10% to employees who performed well.

Taiwan's financial holding companies have said that their employees will receive average pay raises of at least 3 percent this year, reflecting the financial sector's recovery from the global economic crisis.

Government-controlled financial institutions, such as First Financial Holding Co., Hua Nan Financial Holding Co. and Chang Hwa Bank, have said they will raise salaries by 2 percent to 3 percent.

The increase could be bigger if the government decides to raise the pay of civil servants after February, they added.

Their plans would provide some relief to local wage earners, who have seen their salaries stagnate over the past decade and complained in recent months that the strong economic recovery over the past year had not been reflected in their income.

Cathay Financial Holding Co., Taiwan's largest financial holding company, said its employees are likely to see a pay jump of 5 percent to 6 percent.

Shin Kong Financial Holding Co. President Victor Hsu said his company, which has not increased the base salaries of its employees in the past three years, planned to implement a full-scale pay raise in April ranging from 1 percent to 3 percent.

View the full story in Focus Taiwan.