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

These Regulations are prescribed pursuant to Article 11-1 of the Central Bank of the Republic of China (Taiwan) Act (referred to as "this Act" hereunder).

Except for the appointment, removal, remuneration, retirement, and indemnity of the Governor and Deputy Governors for which this Act and other laws provide otherwise, the personnel management of the Central Bank of the Republic of China (Taiwan) (referred to as the "Bank" hereunder) shall be governed by these Regulations. Matters not specified in these Regulations shall be governed by applicable civil service laws and regulations.

The term "Bank personnel" used in these Regulations refers to the Bank Governor, Deputy Governors and the following people:

1. Bank officers: Persons appointed by the Bank in accordance with this Act, these Regulations and other applicable laws and regulations.

2. Contract-based employees: Professional or technical personnel contracted by the Bank in accordance with these Regulations.

3. Stationed police officers: Stationed police officers appointed by the Bank in accordance with the Regulations Governing Establishment and Management of Police Officers Stationed at Various Institutions, Schools and Organizations.

4. Bank workers: Manual workers and technical workers (including chauffeurs) hired by the Bank.

Except for the positions of Governor, Deputy Governors and Directors General, other positions of the Bank are divided into 15 levels, from Grade 1 and Grade 15, with Grade 15 being the highest level. Positions at or above Grade 5 are regarded as Bank officers and positions at or below Grade 4 are regarded as Bank workers.

The positions of Directors General are comparable to the general managers of state-owned financial enterprises that are not assigned any Grade.

The Bank shall establish a Personnel Performance Review Board to review matters pertaining to annual promotion, performance rating and other important personnel management affairs. At least one third of the Review Board members shall be elected by ballot from among Bank officers not in managerial positions. Matters regarding the working of the Review Board shall be prescribed by the Bank.

Except for the heads of the Bank's Departments, Offices and Representative Offices whose appointments will be specified in this Act and other applicable laws and regulations, the appointments of Bank officers shall be carried out by the Bank in accordance with these Regulations.

Bank officers shall be recruited in any of the following manners:

1. Applying for the assignment of qualifiers of civil service examinations;

2. Selection of suitable candidates; or

3. Transfers of designated personnel from other government agencies (institutions).

The appointments of new officers of the Bank shall follow the provisions below:

1. For officers recruited under Subparagraph 1 of the preceding Article:

(1) Qualifiers of Level 1 Senior Civil Service Examinations or Grade 1 Special Examinations obtain Grade 12 appointment qualifications.

(2) Qualifiers of Level 2 Senior Civil Service Examinations or Grade 2 Special Examinations obtain Grade 9 appointment qualifications.

(3) Qualifiers of Level 3 Senior Civil Service Examinations or Grade 3 Special Examinations obtain Grade 8 appointment qualifications.

(4) Qualifiers of Junior Civil Service Examinations or Grade 4 Special Examinations obtain Grade 7 appointment qualifications.

(5) Qualifiers of Elementary Civil Service Examinations or Grade 5 Special Examinations obtain Grade 6 appointment qualifications.

2. For officers recruited under Subparagraph 2 of the preceding Article:

(1) Officers recruited as qualifiers of Level A Special Examinations prior to the promulgation of the amended Civil Service Examination Act on January 17, 1996 obtain Grade 13 appointment qualifications.

(2) Officers recruited with Ph.D. degrees or as qualifiers of Level 1 Senior Civil Service Examinations or examinations of comparable level obtain Grade 12 appointment qualifications.

(3) Officers recruited as qualifiers of Level 2 Senior Civil Service Examinations, or examinations of comparable level or Level 1 Senior Civil Service Examinations prior to the promulgation of the amended Civil Service Examination Act on January 17, 1996 obtain Grade 9 appointment qualifications.

(4) Officers recruited with master degrees or qualifiers of Level 3 Senior Civil Service Examinations, examinations of comparable level or Level 2 Senior Civil Service Examination prior to the promulgation of the amended Civil Service Examination Act on January 17, 1996 obtain Grade 8 appointment qualifications.

New officers described in the preceding Paragraph who fail to pass performance rating at the end of the training (probationary) period will not be appointed.

New officers described in Paragraph 1 receive the first pay rate for their assigned Grade during the training (probationary) period. Matters regarding the appointment and pay of new officers will be prescribed by the Bank.

A person having any of the following circumstances may not be appointed as a Bank officer:

1. Not having or having relinquished the Republic of China citizenship.

2. Dual citizenship; citizen of the Republic of China with the citizenship of another sovereign state at the same time, except stipulated otherwise by other laws.

3. After the end of the period of mobilization for the suppression of the communist rebellion, having been found guilty of civil disturbance or treason with final judgment rendered, or being wanted for arrest and the case is not yet closed.

4. While in civil service, having been found guilty of corruption- related offences with final judgment rendered, or being wanted for arrest and the case is not yet closed.

5. Being served a sentence of imprisonment for crimes other than those specified in the above two Subparagraphs with final judgment rendered and the sentence not yet being executed or before the end of execution, except where probation has been pronounced.

6. Being lawfully terminated from appointment.

8. Having passed the Civil Service Special Examinations for the Indigenous Peoples but not having or having forfeited the status of indigenous peoples.

9. Being subject to the order of commencement of guardianship or assistance and not yet revoked.

A Bank officer having any of the circumstances described in Subparagraphs 1 through 7 of the preceding Paragraph following his/her appointment, shall be discharged from appointment; a Bank officer having any of the circumstances described in Subparagraphs 8 and 9 of the proceeding Paragraph, shall be subject to retirement or severance according to these Regulations. A Bank officer who, subsequent to appointment, is found to have any of the circumstances described in the Subparagraphs of the preceding Paragraph shall have his/her appointment revoked.

For a Bank officer whose appointment is revoked as described in the preceding Paragraph, his/her conduct associated with his/her job over the course of employment remains in effect; the Bank will not seek the return of pay and other compensations already paid according to these Regulations. However if the Bank officer whose appointment is revoked pursuant to Subparagraph 2 of Paragraph 1 hereof, the Bank will seek the return of pay and other compensations from the officer.

A Bank officer who meets the following basic requirements is eligible for promotion:

1. Seniority: The officer shall meet the minimum years of service required for the current position (grade) according to the list of promotion order. Notwithstanding the foregoing, one more year shall be added to the required minimum years of service for an officer without a college degree or higher or who is not a qualifier of Senior Civil Service Examinations or comparable examinations.

2. Performance rating: The officer has received at least one Grade A and two Grade Bs in his/her annual performance rating at his/her current grade in the past three years, or received two Grade As in the annual performance rating at his/her current grade in the past two years.

A Bank officer having any of the following circumstances shall not get promotion:

1. Having been served a sentence of an imprisonment with final judgment rendered for an offense with criminal intent within the past three years, except where probation has been announced.

2. Having been dismissed, suspended, or demoted in accordance with the Civil Service Discipline Act or having been dismissed in accordance with these Regulations within the past two years.

3. Having been subject to a pay reduction or recorded an official demerit in accordance with the Civil Service Discipline Act within the past year.

4. Having been given a performance rating of Grade C, or having accumulated one major demerit or more within the past year. However, merits received by the same officer shall not be applied to offset such demerits.

5. Having been approved for leave with full pay to undertake full-time training or advanced studies for more than six months in duration, and while still in the training or advanced study period.

6. Having been approved for leave without pay, and while still in such period. This provision does not apply to an officer who is ordered in conjunction with government policy or official requirements to work abroad to assist an ally or is deployed on assignment to another agency, state-owned or private enterprise, or foundation, with approval for an unpaid leave therefor.

7. Having been suspended according to law, or on an approved extended sick leave.

A Bank officer who has outstanding performance at work or possesses special work 3 experience or knowledge needed by the Bank and is free of any of the circumstances set out in the Subparagraphs of the preceding Paragraph may be promoted under special circumstances without being subject to the restrictions set out in the Subparagraphs of Paragraph 1 hereof.

Matters regarding the promotion, transfer and the list of promotion order of Bank officers shall be prescribed by the Bank.

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.

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.

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.

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.

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

The Bank should endeavor to cut its payroll expense and keep such expense within the approved limit. The Bank may give its personnel performance rating bonus up to two months total salary based on the results of the annual performance evaluation. In addition, the Bank may give its personnel performance bonus up to two point six 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 the Bank and its personnel and the contribution of the personnel concerned.

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.

hen 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.

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

The performance rating of Bank officers shall be classified as follows:

1. Annual rating: Year-end evaluation to assess the work performance of Bank officers during the employment period from January through December.

2. Additional rating: Performance evaluation conducted on Bank officers who have been employed for six consecutive months but less than one full year during the year of evaluation.

3. Special rating: Performance evaluation conducted at any given time on Bank officers with particularly outstanding or poor performance.

The "employment period" referred to in the preceding Paragraph commences from the date of formal appointment (employment) at the end of the training (probationary) period.

Annual rating and additional rating shall be based on routine performance evaluations. Routine evaluations shall be based on nature of work, integrity, knowledge, and ability.

Criteria for evaluation described in the preceding paragraph shall be set out by the Bank.

The highest score given in annual rating and additional rating is 100 points. The scores for grades A, B, C, and D are as follow:

1. Grade A: 80 points or above.

2. Grade B: higher than 70 but less than 80.

3. Grade C: higher than 60 but less than 70.

4. Grade D: lower than 60.

The requirements for Bank officers to receive a grade of A shall be prescribed by the Bank.

Bank officers who have any of the following circumstances during the year of evaluation may not receive a grade of A:

1. Having been subject to criminal or disciplinary sanction.

2. Having his/her eligibility to take a civil service related examination withheld.

3. Having accumulated a demerit or more after offsetting the incentives and discipline received in routine evaluations.

4. Having had absence without leave for one day or cumulatively for two days.

5. Having combined personal leave and sick leave for 14 days; the calculation of combined personal leave and sick leave should exclude the days of home leave and menstrual leave.

6. Having a bad attitude in the performance of duty that undermines the Bank's reputation as substantiated by solid evidence.

Unless otherwise stipulated in these Regulations, Bank officers to whom none of the following conditions apply during the year of evaluation shall not receive a grade of D:

1. Sowing dissention or lodging false accusations against others with tangible evidence of serious violation with efforts of advice and guidance unsuccessful.

2. Not following instructions or transgressing discipline with tangible evidence of serious violation with efforts of advice and guidance unsuccessful.

3. Being derelict in duties or delaying progress of work that results in negative consequences with tangible evidence of such transgressions.

4. Being guilty of unbecoming conduct or violating related legal prohibitions causing serious harm to the reputation of civil servants with tangible evidence of such transgressions.

Incentives and discipline in connection with the results of annual ratings shall be administered in accordance with the following provisions:

1. Grade A: Pay rate promotion of one level and a lump-sum performance rating bonus equal to one month salary; Bank officers who have reached the highest attainable pay rate for their positions will receive one additional month salary.

2. Grade B: Pay rate promotion of one level and a lump-sum performance rating bonus equal to one-half month salary; Bank officers who have reached the highest attainable pay rate for their positions will receive one additional month salary.

3. Grade C: Remaining at existing pay rate.

4. Grade D: Dismissal from employment.

Incentives and discipline in connection with the results of additional ratings shall be administered in accordance with the following provisions:

1. Grade A: A lump-sum performance rating bonus equal to one month salary.

2. Grade B: A lump-sum performance rating bonus equal to one-half month salary.

3. Grade C: No reward or penalty administered.

4. Grade D: Dismissal from employment.

Bank officers who should receive a pay rate promotion following an annual rating but have already received pay rate promotion or Grade promotion according to these Regulations during the year of evaluation are not eligible for further promotion when given a Grade B rating or higher. However, special ratings are not subject to this restriction.

For incentives and discipline in connection with the results of routine evaluations, incentives administered include commendations, merits, and major merits; discipline administered includes warnings, demerits, and major demerits. Three commendations shall be combined into one merit and three merits shall be combined into one major merit, whereas three warnings shall be combined into one demerit and three demerits shall be combined into one major demerit. Incentives and discipline received in routine evaluations during the same year may be offset against each other. Bank officers accumulating two major demerits that are not offset by incentives shall receive an annual rating of Grade D.

The standards for the incentives and discipline mentioned in the preceding Paragraph shall be prescribed by the Bank.

Bank officers who are recorded two major merits in one special rating will receive a pay rate promotion of one level and a lump-sum performance rating bonus equal to one month salary; Bank officers who have reached the highest pay rate for their positions will receive a lump-sum work bonus equal to two months salary. However Bank officers who are recorded additionally two major merits in the other special rating conducted in the same year will not receive a pay rate promotion but a lump-sum performance rating bonus equal to two months salary. Bank officers who are recorded two major demerits in one special rating should be dismissed from employment. Merits and demerits recorded in special ratings may not be offset against those recorded in routine evaluations.

Bank officers having any of the following circumstances should be recorded two major merits at one time:

1. Improvement measures proposed for deficiencies are adopted by the Bank and show tangible and significant results.

2. Major and concrete reform plans proposed for the business by Bank officers in charge of are adopted by the Bank and show tangible results.

3. Reporting illegal activities thereby helping to uphold government’s reputation or interests and making outstanding contribution.

4. Timely averting the occurrence of an accident or a serious incident, or after an accident or incident has occurred, taking appropriate actions to effectively control the incident to prevent the Bank from sustaining serious damage or loss.

5. When handling major cases, holding his/her position without succumbing to the lure of gains or abusive power for the honor of the country or the Bank as substantiated by solid evidences.

Bank officers may not be penalized with two major demerits at one time unless they have any of the following circumstances:

1. Conspiring to commit treason with tangible evidence of such transgressions.

2. Failing to effectively execute national policy, or derelict in duties, or disclosing confidential professional information that results in serious damage to the government with tangible evidence of such transgressions.

3. Contravening major government decrees, or causing serious damage to the government's reputation with tangible evidence of such transgressions.

4. Implicated in corruption cases and held responsible in terms of major administrative accountability with tangible evidence of such transgressions.

5. Seeking to reap illicit gains or exhibiting indiscreet speech or conduct which results in serious damage to the reputation of the government or civil service with tangible evidence of such transgressions.

6. Intimidating, publicly humiliating, or lodging groundless accusations against a superior with tangible evidence of serious transgressions.

7. Sowing dissention or disrupting order with tangible evidence of serious transgressions.

8. Having absence without leave for four consecutive days or cumulatively for ten days in one year.

The relationship between the grade received by the Bank in the annual performance assessment conducted by Executive Yuan and the percentage of Bank personnel receiving a grade of A in annual evaluation shall comply with the following provisions:

1. Grade A: No more than 75% of Bank personnel under evaluation may receive a grade of A.

2. Grade B: No more than 65% of Bank personnel under evaluation may receive a grade of A.

3. Grade C: No more than 45% of Bank personnel under evaluation may receive a grade of A.

4. Grade D: No more than 35% of Bank personnel under evaluation may receive a grade of A.

The Bank may evaluate the performance of each of its departments and offices on operations and management, and approve the number of personnel under each unit that may receive a grade of A in annual evaluation out of the total number of Bank personnel that may receive a grade of A in the year.

Matters regarding the evaluation of departments and offices mentioned in the preceding Paragraph shall be prescribed by the Bank.

When the Bank receives grade B or higher in the annual performance assessment conducted by the Executive Yuan, Governor and Deputy Governors may receive bonus in accordance with the provisions in Article 22 herein.

Regarding the performance rating of Bank officers, managerial officers should draft evaluation criteria, submit the same to the Personnel Performance Review Board for preliminary review and then for final approval by the Governor.

Officers in charge of performance rating must maintain utmost confidentiality throughout the evaluation process and should not commit errors or omissions, otherwise such officers should be accorded punishment commensurate with the seriousness of the transgression.

Bank officers should be notified of their evaluation results in writing. When considering assessing a grade of D and recording two major demerits at one time to a certain Bank officer, the officer concerned should be given the opportunity to state his/her case and make objection before the disciplinary action is meted out. For the officer who should be dismissed from employment based on the evaluation result, the written notice to the officer concerned should include reasons for such action, methods for seeking administrative remedy, administrative remedy period and the agency with jurisdiction of administrative remedy and related provisions.

The results of annual evaluation as mentioned in the preceding Paragraph shall be acted upon according to the following provisions. However, the dismissal of Bank officers from employment based on the results of evaluation shall be acted upon from the date of confirmation, and suspension shall be carried out prior to confirmation:

1. For annual ratings and additional ratings conducted at the year end, the results shall 　　be acted upon on the first day of the following year.

2. For special ratings and additional ratings not conducted at the year end, the results 　　shall be acted upon the date the results are approved by the Bank.

Bank officers who have served at the Bank for five years, and have any of the following circumstances may be approved for voluntary retirement:

1. Having reached the age of 60.

2. Having served for 25 years or longer.

Bank officers who have served at the Bank for five years or longer should retire immediately if they have any of the following circumstances:

1. Having reached the age of 65. This provision does not apply provided this Act stipulates term of service for the staff’s position.

2. Being unable to appropriately fulfill duties due to physical or mental impairment. However, such physical or mental impairment were caused by injury or disease resulting from performing official duties shall not be subject to the requirement of having served 5 years or longer for retirement.

With regard to the age requirement set forth in Subparagraph 1 of the preceding Paragraph, the Bank may draw up standards for graded minimum retirement age in consideration of the nature of respective positions and jobs and responsibilities to enable early retirement. However the minimum retirement age shall not be under age 55.

The term "physical or mental impairment" mentioned in Subparagraph 2 of Paragraph 1 hereof shall meet at least the definition for semi-disability as provided in the Table of Standards for Disability Payment under Public Servant and Teachers Insurance.

The term "injury or disease resulting from performing official duties" mentioned in Subparagraph 2 of Paragraph 1 hereof shall meet any of the following conditions with such injury or disease being duly certified by a hospital accredited by the central health authority:

1. The injury or disease results from the dangers in the execution of duties.

2. The injury or disease results from any accident that occurs at an official place of business.

3. The injury or disease results from any accident or danger that occurs in the course of commuting between official places of business.

4. The injury or disease results from unyielding diligence or overwork.

The standards for retirement payments to Bank officers are as follows:

1. For years of service accumulated under the Labor Standards Act after May 1, 1997, two units are given for one full year of service, provided that each year of service exceeding fifteen years shall be entitled to only one unit for one full year of service, but the maximum shall be forty-five units. Any fraction of a year which is less than six months shall be counted as half a year of service; any fraction of a year that is equal to or more than six months shall be counted as one full year of service. The basis for retirement benefit unit denotes the average wage received by the officer at the time when his/her retirement is being approved and calculated in accordance with applicable provisions of the Labor Standards Act.

2. For years of service accumulated prior to April 30, 1997, retirement benefits will be calculated in accordance with the Regulations Governing Retirement, Indemnity and Severance of Employees of State-owned Finance and Insurance Enterprises under the Ministry of Finance.

3. For officers who retire in accordance with the proviso in Subparagraph 2, Paragraph 1 of the preceding Article, retirement payments will be increased by 20%, and years of service less than five years shall be counted as five years.

Bank officers who opt to retire early according to the minimum retirement age provided in Paragraph 2 of Article 33 herein will receive in addition a lump-sum payment equal to one- half month salary for each year of early retirement according to the prescribed retirement age.

Bank officers having any of the following circumstances shall forfeit their rights to apply for retirement or severance:

1. Being deprived of civil rights for life.

2. Having convicted of offenses against civil disturbance or treason with final judgment rendered.

3. Loss of the citizenship of the Republic of China.

4. Other specific conditions as prescribed by laws.

For Bank officers who retired prior to the implementation of these Regulations and are under the monthly retirement payment plan, their monthly retirement payment shall be calculated and disbursed in accordance with applicable laws and regulations in effect

prior to the implementation of these Regulations. Retired Bank officers on monthly retirement payment plan and having any of the following circumstances shall be forfeited their rights to receive monthly retirement payment:

1. Deceased.

2. Being deprived of civil rights for life.

3. Having convicted of offenses against civil disturbance or treason with final judgment 　　rendered.

4. Loss of the citizenship of the Republic of China.

For retired Bank officers on monthly retirement payment plan and having any of the circumstances set out in Paragraph 1, Article 23 of the Civil Service Retirement Act, their monthly retirement payment shall be suspended until the termination of the cause of suspension.

For Bank officers who die as a result of illness or accident while under the Bank's employment, the Bank will disburse funeral compensation equal to three months salary in addition to survivor compensation calculated in accordance with the retirement payment standards provided in Article 34 herein, and such officers' years of service will be counted as three years if they had been under the Bank's employment for less than three years.

For Bank officers who die as a result of disease or accident while being suspended from work due to disciplinary sanction, or on suspension pending appeal, or on leave without pay, such officers' survivor benefits and funeral benefits will be disbursed according to the provisions in the preceding Paragraph.

For Bank officers having any of the following circumstances, the Bank will disburse additional survivor compensation equal to five months salary and funeral compensation equal to three months salary in addition to survivor compensation calculated in accordance with the retirement payment standards provided in Article 34 herein, and such officers’ years of service will be counted as five years if they have been under the Bank's employment for less than five years:

1. The death results from sudden onset of disease during the execution of duties, public errands or in the office.

2. The death results from unyielding diligence or overwork.

3. The death results from sudden onset of disease, or any accident or harm that occurs in the course of commuting between official places of business.

For Bank officers having any of the following circumstances, the Bank will disburse additional survivor compensation equal to eight months salary and funeral compensation equal to three months salary in addition to survivor compensation calculated in accordance with the retirement payment standards provided in Article 34 herein, and such officers' years of service will be counted as ten years if they had been under the Bank's employment for less than ten years:

1. The death results from any accident or harm in the execution of duties.

2. The death results from any mishap or illness caused by running a public errand. 　　If the deaths of Bank officers as described in Subparagraph 3 of the preceding 　　Article or the subparagraphs of the preceding Paragraph were caused by their own 　　traffic violations contributing to accident resulting in their death, survivor 　　compensation shall be disbursed in accordance with Article 38 herein.

If the deaths of Bank officers as described in Subparagraph 3 of the preceding Article or the subparagraphs of the preceding Paragraph were caused by their own traffic violations contributing to accident resulting in their death, survivor compensation shall be disbursed in accordance with Article 38 herein.

The unremarried surviving spouse of Bank officer shall receive half of the officer's survivor and funeral compensation; the remainder shall be distributed equally among the survivors in the following order of preference:

1. Children.

2. Parents.

3. Grandparents.

4. Siblings.

Among survivors mentioned in the preceding Paragraph other than the unremarried spouse, when there are no survivors as specified by Subparagraphs 1 through 3, the survivor compensation and funeral compensation will be distributed to the unremarried spouse alone; if there is no spouse or the surviving spouse has already remarried, the survivor compensation and funeral compensation shall instead be distributed among the other survivors in order as mentioned in each Subparagraph of the preceding Paragraph. If there are more than one eligible survivor in the same order and any of the survivors loses or forfeits the right to receive the survivor compensation and funeral compensation due to death, abandonment, or loss of entitlement under Article 42 herein, their portion shall be redistributed evenly among the remainder of the eligible survivors in the same order. Should any of the survivors specified in the first group of preference as listed in Subparagraph 1 of the preceding Paragraph be unable to receive the survivor compensation and funeral compensation due to death, abandonment, or loss of entitlement under Article 42 herein, their children may receive the subrogated distribution in their stead.

If a Bank officer had made a will before death, stating which of the survivors mentioned in Paragraph 1 shall receive his/her survivor compensation, such will shall prevail.

When a Bank officer becomes deceased, any of his/her survivors having any of the following circumstances shall forfeit their rights to receive any survivor compensation and funeral benefit:

1. Being deprived of civil rights for life.

2. Having convicted of offenses against civil disturbance or treason with final judgment rendered.

3. Not having citizenship of the Republic of China.

When a Bank officer dies and he/she does not have survivors or his/her survivors are unable to handle his/her funeral affairs, the Bank will designate a Bank officer to handle the funeral affairs using his/her funeral compensation.

Bank officers in any of the following circumstances may be given severance:

1. It is necessary for the Bank to downsize due to organizational change or business contraction and there is not suitable job for Bank officers.

2. Bank officers are unsuited to the current positions, and after being reassigned to other equivalent positions, remain unable to achieve the required standards of performance, or where the Bank does not have any other position available for reassignment.

3. The officers hold full-time research positions (not assigned concurrently to other positions) and have not produced any research report or significant findings in more than two years consecutively.

4. Bank officers do not meet the circumstances set out in Subparagraph 2, Paragraph 1 of Article 33 but suffer from physical or mental frailty as duly certified by a hospital accredited by the central health authority, evidencing that they are unable to appropriately complete their assigned tasks.

5. Where any other laws or regulations provide that Bank officers should be given severance.

The severance of Bank officers shall be carried out in accordance with applicable provisions under the Labor Standards Act, whereas the severance payment standards are as follows:

1. Years of service accumulated prior to April 30, 1997 shall be calculated in accordance with then applicable laws and regulations.

2. Years of service accumulated on and after May 1, 1997 shall be calculated in accordance with applicable provisions of the Labor Standards Act.

The years of service of Bank officers shall combine the years of service in the following capacities in addition to their years of service under the Bank’s employment. However the periods of services for which Bank officers have applied for the refund of pension fund upon resignation or dismissal, or have been paid retirement (termination, retirement from military) payments, severance payment, or quasi-pensions, severance or resignation payments shall be excluded.

1. Previously serving as political appointees, civil servants, education personnel in public schools or military personnel.

2. Previously serving as officers in other government-owned enterprises.

3. Preciously serving in mandatory military service or substitute service.

The Bank has set aside pension fund and established a Pension Fund Supervisory Committee in accordance with applicable regulations after May 1, 1997. The original pension contributions from the Bank and the employees themselves are put under the management of the Pension Fund Supervisory Committee and will be disbursed to Bank officers when they depart in accordance with then applicable laws and regulations prior to the implementation of these Regulations.

The claim for retirement payment, severance pay, survivor compensation and funeral compensation will be invalidated if it is not exercised within five years starting from the date on which the claim may be exercised.

The right to claim for retirement payment, severance payment, survivor compensation and funeral compensation as well as survivor compensation not yet received by the survivors of Bank officers may not be detained, transferred or used as guarantee.

Matters regarding the retirement and indemnity of Deputy Governors appointed before the revision of this Act, on April 8, 2011 came into force shall follow the relevant provisions in this chapter.

To handle personnel management related matters set forth in these Regulations, the Bank may utilize the Bank's existing manpower and facilities to open bank accounts for Bank personnel and deposit payments into the accounts.

For promoting the development of human resources, the Bank may offer Bank officers training and advanced study programs. Matters regarding such programs will be prescribed by the Bank.

Bank officers who believe their rights or interests are unlawfully or improperly undermined by the administrative action of the Bank are entitled to file an administrative appeal in accordance with the Administrative Appeal Act within thirty days from the day after the administrative action is served. Bank officers may do the same if they believe their rights or interests are undermined due to Bank’s inaction on their applications have been made under these Regulations within the statutory period.

If the period referred to in the preceding Paragraph is not specified by applicable laws and regulations, it shall be two months from the date the Bank accepts the application.

If a Bank officer believes a management measure or relevant working condition rendered by the Bank is improper and impairs his/her rights or interests, the staff may, within thirty days from the day after the management measure or action is in place, appeal to the Bank for reconsideration by stating the reasons in writing and submitting supporting documents.

Where an appeal has merits, the Bank shall, within the scope of the objection expressed by the appellant, revoke the original management measure or action in whole or in part, and render another management measure or action. However, within the scope of the objection expressed by the appellant, the Bank shall not adopt a new management measure or take another action less favorable to the interests of the appellant.

In the event of any of the following circumstances, the Bank should sustain its original management measure or action:

1. The appeal for reconsideration is without merits.

2. Although reasons on which the originally rendered management measure or action is based are mildly inappropriate, there are other valid reasons to support such management measure or action.

3. Even if the original management measure or action rendered was unlawful or clearly inappropriate however, its revocation or modification will cause serious damage to public interest, and after considering the damage sustained by the appellant, the extent of compensation, and the method of damage prevention and other relevant circumstances, the Bank concludes that the revocation or modification of the management measure or action is apparently against public interest.

For appeal for reconsideration, the Bank shall, within two months from the next day following the receipt of the appeal, send the appellant a reply with reasons for the decision made on the appeal provided in details. If necessary, the reply period may be extended for another month provided the appellant is notified.

If necessary for business purposes, the Bank may hire contract-based employees. The number of contract-based employees may not exceed 15% of the annual budgeted workforce of the Bank. The personnel management of contract-based employees may follow the relevant provisions in these Regulations and stated explicitly in contracts.

The establishment and management of stationed police officers shall be carried out in accordance with the Regulations Governing Establishment and Management of Police Stationed Officers at Various Institutions, Schools and Organizations and may follow the relevant provisions in these Regulations. Matters regarding the establishment and management of stationed police officers shall be prescribed by the Bank.

The management of Bank workers shall be carried out in accordance with the Labor Standards Act, Labor Pension Act and other labor related laws and regulations.

These Regulations shall become effective on the date of promulgation.