First Financial Increases Incentives to Get Married, Have Kids

first financial holding
First Financial Headquarters. Photo by Solomon203 via Wikimedia Commons

As Taiwan faces a future with a lower birth rate, First Financial Holding (第一金) has introduced new incentives for its employees that would encourage them to get married and have children, China Times reported.

The financial firm introduced a NT$30,000 (US$1000) bonus for employees who get married. If both partners work for the bank, both can apply for the bonus separately. It also increase its allowance for fertility treatment from NT$5,000 to NT$50,000. It even added an allowance for having more than one child, though the total bonus is capped at NT$100,000.

In a move announced in April, First Financial’s maternity subsidy increased from NT$3600 to NT$5000, but it decided to increase the subsidy 10-fold as of the end of June. The firm will offer NT$50,000 for the first child, NT$80,000 for the second, and up to NT$100,000 for any children after that.

In the case of the child subsidy, the company said that if both parents are First Financial employees, only one subsidy will be paid to the couple.

E.Sun Financial Holding (玉山金) has a similar program for its employees. The financial firm created its “Yushan baby growth fund,” through which it offers staff NT$100,000 per child.

Other financial firms such as Chang Hwa Bank (彰化銀行) offer employees 14 days of marriage leave, which is more than the government-mandated eight days. The bank also has 15 days of maternity and paternity leave, which can be taken prior to the birth and after in five-day blocks. The company also offers to pay for photos for the newborn.

Hua Nan Bank (華南銀行) offers similar benefits as Chang Hwa for marriage, maternity, and paternity leave, as do Land Bank of China and Chunghwa Post.

Taiwan Business Bank (臺灣企銀) offers employees 10 days of marriage leave. The bank also offers preferential loans for those who want to conceive and raise children under the age of three, with the loan amount capped at NT$1 million and an interest rate of 1.71% over a seven-year term.

Despite an increase in the birth rate since its historical low in 2011, the number of births in Taiwan decreased year-on-year in the first half of 2017.

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