A government unit that manages public shareholding has formulated regulations to cap monthly salaries for heads of government-owned or partially state-funded financial institutions at NT$320,000.
The cap was calculated by doubling the monthly salary of NT$160,000 received by Susan Chang (張秀蓮), chairwoman of the government-owned Taiwan Financial Holding Co, the nation’s largest financial services provider.
The Executive Yuan’s Government Shareholding Management and Supervisory Unit passed the regulations on Wednesday after it was revealed that Taiwan Asset Management Corp (Tamco) chairman Chen Song-chu (陳松柱), allegedly lined his own pockets with company profits.
Chen was paid NT$400,000 a month, with an additional NT$150,000 in monthly public relations fees, far more than the NT$180,000 received by Minister of Finance Lee Sush-der (李述德), local media reports said.
The Tamco chairman reportedly distributed about NT$80 million (US$2.5 million) in corporate profits to 59 senior executives, including NT$20 million for himself and NT$10 million for a former company president.
The new regulations will apply to the chairmen and presidents of 108 government-owned or partially state-funded enterprises who are appointed or recommended for the position by the Ministry of Finance.
According to the regulations, those who are appointed or recommended by the ministry to serve as chairmen or presidents cannot receive a monthly salary that is more than double that of their counterparts in other state-run companies of about the same size, the same level and in the same field.
Salaries in excess of that will be taken into the national coffers or recouped by the companies, the regulations said.
Total variable income, such as performance rewards and other bonuses, for company heads should not exceed the total fixed income, the new regulations said.
In addition, there will be a cap of NT$200,000 on total performance bonuses, they said.
Meanwhile, the Cabinet yesterday approved an affordable housing project near the Taiwan Taoyuan International Airport MRT system’s Linkou (林口) station in Taipei County, with the price expected to be as low as NT$150,000 (US$4,695) per ping, an official said yesterday.
Lin Tsyr-ling (林慈玲), a deputy minister with the Ministry of the Interior, said the government might build more affordable housing on the outskirts of Taipei if the project is a success.
Construction is expected to be completed by 2013 to coincide with the opening of the MRT line. Under the proposal, the government will purchase 226.78 hectares of land from private land owners to build 4,000 units of affordable housing in the area where elementary and junior high schools and industry zones will be built.
Lin said the affordable houses would be restricted to certain income levels.
A magnitude 4.9 earthquake struck off Tainan at 11:47am today, the Central Weather Administration (CWA) said. The hypocenter was 32.3km northeast of Tainan City Hall at a depth of 7.3km, CWA data showed. The intensity of the quake, which gauges the actual effect of a seismic event, measured 4 in Tainan and Chiayi County on Taiwan's seven-tier intensity scale, the data showed. The quake had an intensity of 3 in Chiayi City and County, and Yunlin County, while it was measured as 2 in Kaohsiung, Nantou County, Changhua County, Taitung County and offshore Penghu County, the data showed. There were no immediate reports of
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