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Workers have come out winning big in Formosa Plastics Group’s annual wage negotiations. Every July, labor and management meet to determine how to adjust salaries for the year. Labor had requested a 3.66% raise, but the group’s new president Wu Chia-chau was even more generous, approving a salary increase of 4.5%, which applies retroactively to July 1. And all in just 30 minutes of negotiations.

In addition to the pay hike, employees will receive better benefits. They’ll get NT$600 in meal allowances every month, while shift workers will get an allowance of NT$2,380. There’s also a regional allowance of NT$2,500, and Taipei residents will get a NT$5,000 housing subsidy. The changes are part of Wu’s strategy to revive revenues by restructuring the group and setting up AI-driven initiatives. The substantial pay increase is not just a reward for employees, but serves as a morale boost across the company.

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