97 percent of investigated banks do not pay overtime

Taiwan News
Date: 2015-09-10
By: Ko Lin, Taiwan News, Staff Writer

The city government’s Department of Labor revealed in its July finding that 97 percent of the

Majority of banks in Taiwan do not pay OT.  Central News Agency

Majority of banks in Taiwan do not pay OT. Central News Agency

island’s banking sector do not pay overtime to their employees, reports said Thursday.

Among the 32 banks investigated, 69 percent of the employees are overworked, while 56 percent have held their own regulations for implementing labor-management meetings, a breach that is against the government’s labor law, it said.

According to the department, the banks will be fined a net sum of NT$900,000 (US$30,000) respectively, which include ANZ Bank (Taiwan), Industrial Bank of Taiwan, Far Eastern International Bank, Sunny Bank, JihSun Bank, Bank SinoPac, and among several others.

The Financial Supervisory Commission (FSC) said although the regulations governing the banking sector vary from that of the production industry, banks in Taiwan should nevertheless follow the rules as stipulated by the Ministry of Labor (MOL).     [FULL  STORY]

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