Pay increase aimed at retaining, attracting talent amid surging outbound travel
More than 95% of Lion Travel Service Co employees can expect their wages to increase by up to 20% this year following a major investment from the travel agency that is aimed at retaining and attracting new employees, according to reports.
The Taiwan-based firm is investing a NT$100-million budget to hike wages and offer incentives this year, up by almost 10% from the budget last year, Taipei Times reported.
According to the report, the massive budget will be used to hike wages between 10 and 20% for employees based on their performance, position, and original salary level.
A portion of the funds will also be used to recruit more than 500 new employees for various departments this year, including on AI-related digital technologies, marketing, itinerary design, and business management.
"The company has acknowledged that competitive wages serve as an important foundation to retain employees and attract talent," Lion Travel said in a statement quoted by Taipei Times.
The new investment follows the company's establishment of a stock trust that will enable employees to hold company shares.
According to the reports, nearly 70% of employees have joined the trust, which is funded by a provident fund.
Lion Travel has 1,800 employees worldwide. It operates in 26 outlets in Taiwan and overseas, covering China, Hong Kong, East Asia, Southeast Asia, the Americas, Europe, and Oceania, according to the reports.
The travel agency recently posted its first-quarter net profit of NT$426 million, up 30.95% from a year ago, in the wake of surging outbound travel in the post-COVID era.
Data from Taiwan's Tourism Administration showed that the number of outbound travellers from Taiwan reached 16.65 million last year, a 42.84% increase from a year ago.
