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Market Chatter: Formosa Plastics to Hike Wages Above Union's Demand

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Formosa Plastics Corp (TPE:1301) will increase employee wages above its workers' union's request of a 3.66% hike, Focus Taiwan reported Tuesday.

The plastic raw materials manufacturer will raise the pay by 4.5% following a meeting with FPG President Wu Chia-chao, the report said, citing the union's deputy head, Chen Hung-ju.

The wage hike will take effect retroactively on July 1, according to the report.

Formosa Plastics' shares were up nearly 4% in recent trade.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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