Laws and Regulations Database of the Central Bank of the Republic of China(Taiwan)

Chapter 3　　Remuneration, Bonus and Benefits

Article 11
The Bank adopts a payroll system. Except for the Governor, Deputy Governors and Directors 
General, the remuneration of Bank personnel is determined based on a point-based pay rate 
system as provided in the table attached hereto.
The remuneration of Directors General is comparable to the remuneration scale for the 
general managers of state-owned financial enterprises.

Article 12
When preparing the annual payroll expense budget, the Bank shall consider its operating 
goals, budget surplus, operating income, payroll expense affordability and policy-related 
profits (loss). Except for the policy reason of achieving the objectives of Bank
operations set forth in Article 2 of the Act, the Bank’s annual payroll expense in 
principle shall not exceed the average ratio of payroll expense to operating income in 
the past three years (the final accounts two and three years before and the budget in
the previous year).
The Bank shall set its annual payroll expense ratio and payroll expense limit in 
accordance with the provisions in the preceding paragraph and submit same to the Bank's 
Board of Directors for approval.

Article 13
Except for the remuneration of the Governor for which the Bank will report to the 
Executive Yuan for approval, the standard for the remuneration of Bank personnel shall be 
set out by the Bank in consideration of the Bank’s operational objectives, nature of
business, and affordability and in reference to the general pay levels and adjustment 
range of civil servants and according to job positions, subject to the approval of the 
Governor. Where the Bank incurs operating loss, there shall be no pay increase for Bank 
personnel, except for policy reasons. 
Except for the Bank personnel who are assigned to station abroad, the remuneration of any 
Bank personnel shall not be higher than that of the Governor.

Article 14
The Bank may set out rules for additional remuneration for Bank personnel within the 
payroll expense limit approved for the year in view of the hazardous and 
exceptional/unusual environments of the region at where the personnel work and the nature 
of the job, subject to the approval of the Governor. 

Article 15
Except for the Governor, Deputy Governors and Directors General, no other Bank personnel 
may be provided with free housing or transportation vehicles.

Article 16

The Bank should endeavor to cut its payroll expense and keep such expense within
the approved limit. The Bank may pay its personnel performance rating bonus up 
to two months of total salary based on the results of the annual work performance 
evaluation. In addition,the Bank may, in view of its operating performance and 
contribution of individual personnel, pay its personnel performance bonus up to two 
point four (2.4) months of total salary out of the total profits of the Bank 
(profits according to the final account settlement plus (minus) policy factors) 
that has been attained with reference to the performance of Bank personnel. The cap
 on the number of months of salary for performance bonus may be raised when the Bank 
is rated excellent in performance assessment conducted by the Executive Yuan. 

Performance rating bonus and performance bonus mentioned in the preceding Paragraph 
are collectively called "operation performance bonus". Matters regarding operation 
performance bonus will be prescribed by the Bank.

Article 17
When conducting the year-end accreditation of the fiscal report, the Bank may not 
decrease the amount of annual legal budget surplus or profits to be paid to the Treasury, 
except for policy reasons. Where the Bank’s operating income and profits exceed the legal
budget that could be definitively attributed to the efforts of the Bank personnel, the 
Bank may determine the actual payroll expense limit based on the approved payroll expense 
ratio for the year; where the operating income and profits do not reach the legal
budget, the actual payroll expense shall not exceed the legal budget.

Article 18
The Bank shall appropriate employee welfare funds for handling employee welfare in 
accordance with the Employee Welfare Fund Act.