Asus 2014 Annual Report Download - page 194

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Under the borrowing contracts, the Group is required to maintain certain covenants semi-annually
agreed by both sides, and the bank can inspect at any time when necessary. As of December 31,
2014 and 2013, the Group did not violate any of the covenants specified in the contract.
(14) Pensions
A. Defined benefit pension plans
(A) The Company and its domestic subsidiaries have a defined benefit pension plan in
accordance with the Labor Standards Law, covering all regular employees’ service years
prior to the enforcement of the Labor Pension Act on July 1, 2005 and service years
thereafter of employees who chose to continue to be subject to the pension mechanism
under the Law. Under the defined benefit pension plan, two units are accrued for each
year of service for the first 15 years and one unit for each additional year thereafter,
subject to a maximum of 45 units. Pension benefits are based on the number of units
accrued and the average monthly salaries and wages of the last 6 months prior to
retirement. The Company contributes monthly an amount equal to 2% of the employees’
monthly salaries and wages to the retirement fund deposited with Bank of Taiwan, the
trustee, under the name of the independent retirement fund committee.
Borrowing period and Interest rate
Type of borrowings repayment term range Collateral 2013/12/31
Credit borrowings -
installment-repayment
Mega International 2012.08.06~2015.08.06, 1.57%~ - 894,150$
Commercial Bank payable in 3 semi-annual 1.92%
installments, commencing
2 years after the initial
date of borrowing
The Shanghai Commercial 2012.11.08~2015.11.08, 1.36%~ - 521,588
& Savings Bank payable in 2 semi-annual 1.54%
installments, commencing
2 years after the initial
date of borrowing
Others 2011.05~2017.05 2.42%~ Buildings 85,910
8.90%
1,501,648
Less: current portion of 301,354)(
long-term borrowings
1,200,294$