Announcement of the order for insurance industry to allocate a budget to protect employees’ rights and expand the use of appropriated retained earnings in response to the development of FinTech
In response to the development of FinTech, and to protect the rights of insurance personnel, the FSC announced the order on July 30, 2019 that requires insurance enterprises to allocate a certain amount of annual budget to support employee transformation and training to protect their rights.
Furthermore, the FSC required the insurance enterprises to expand the use of the special surplus reserve set aside from fiscal years 2016 to 2018 in response to the development of FinTech. 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 training expenditure that can enhance or cultivate employees’ professional competences to meet the requirements of the development of FinTech or insurance businesses.
Visitor： 287 Update： 2019-09-18