Footwear giant Taekwang to spend $19.7 mln on Lunar New Year bonus in Vietnam
South Korean-invested Taekwang Vina JSC, a supplier of Nike in the southern province of Dong Nai, will spend over VND500 billion ($19.7 million) on Lunar New Year (Tet) bonus for its nearly 36,000 employees.
According to the footwear giant's labor union, the company's leadership released details of its Tet bonus policy to the workforce on Sunday.
Taekwang Vina JSC in Dong Nai province, southern Vietnam. Photo courtesy of the company.
Accordingly, employees who began working before January 15, 2024 will receive a bonus equivalent to 1.5 months of their salary, which includes base salary and production support allowance.
The bonus decreases for employees with shorter working time. The bonus will be distributed on January 16, 2025.
The Bien Hoa Industrial Park-based company will also deploy salary hikes for 2025, including a flat raise of VND100,000 ($3.94) for all employees and a 4% annual base salary increment for those eligible.
The company has set a nine-day holiday for Tet, from January 26 to February 3, 2025. For the New Year holiday on January 1, employees will receive a one-day break and a VND200,000 ($7.88) bonus, double the amount given in 2024.
The labor union has offered 7,000 gift packages for employees in difficulties. It will also subsidize transportation costs for workers traveling home for Tet.
Founded in April 1994, Taekwang Vina JSC is a 100% South Korean-owned company. Its CEO and legal representative, Kang Yunseok, who was born in 1972 in South Korea, oversees operations with chartered capital of over VND240.7 billion ($9.45 million).
During the peak years of the footwear industry (2019-2020), Taekwang Vina ranked third among the "Big 4" foreign-invested enterprises in the sector, alongside Pou Chen, Feng Tay, and Changshin.
In related news, another footwear leader in Dong Nai, Changshin Vietnam Co., Ltd., plans to allocate approximately VND650 billion ($25.6 million) in Lunar New Year bonus for its over 40,000 employees.
Dong Nai is a manufacturing hub in southern Vietnam, together with Ho Chi Minh City, Binh Duong and Long An.
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