Announcement of the order for securities and futures industries to allocate a budget to protect employees’ rights and expand the use of appropriated retained earnings in response to the development of financial technology
In order to align with the development of financial technology, and protect the rights of employees of securities firms, securities investment trust enterprises (SITEs) and futures enterprises, the FSC announced the order on July 10, 2019 that requires securities firms, SITEs and futures enterprises to allocate a certain amount of annual budget to support employee transformation and training to protect their rights.
Furthermore, the FSC required the securities firms, SITEs and futures enterprises to expand the use of the special surplus reserve set aside from fiscal years 2016 to 2018 in response to the development of financial technology. The applicable scopes of the special surplus reserve include the expense of employees’ transfer, pension and severance payment that exceed the amount in accordance with labor-related regulations, and the training expenditure that can enhance or cultivate employees’ professional competences to meet the requirements of the development of financial technology or securities and futures businesses.
Visitor： 333 Update： 2019-08-15