Page 97 - 國合會2016電子書-西文

Apendice

16. OTHER REVENUES

For the Years ended For the Years ended
December 31, 2016 December 31, 2015
Reversal of allowance for doubtful accounts $ 10,078,349 $ 4,550,445
Others 4,181,637 8,022,243
$ 14,259,986 $ 12,572,688

17. RETIREMENT FUNDS

1) Taiwan ICDF contributes monthly an amount based on seven percent of the employees’ remuneration and deposits it
with a financial institution. This fund balance is not reflected in the financial statements. The fund balance with financial
institution were NT$97,028,704 and NT$99,438,022 as of December 31, 2016 and 2015, respectively.
2) The details of employees’ retirement funds allocated by Taiwan ICDF are as follows:

For the Years ended For the Years ended
December 31, 2016 December 31, 2015
Balance at the beginning of the year $ 99,438,022 $ 87,378,901
Interest income 1,066,790 1,112,852
Contribution during the year 2,566,611 10,946,269
Payments during the year € 6,042,719 ? -
Balance at the end of the year $ 97,028,704 $ 99,438,022

3) Effective September 1, 2009, Taiwan ICDF has been the entity covered by the Labor Standards Law and has adopted
the following two schemes:
Scheme A: the pension and severance obligation are settled and the settled amounts are transferred to Taiwan ICDF’s
retirement fund deposited with the financial institution. The employees may claim pension benefits when
they retire or reach 55 years old or upon their death.
Scheme B: the pension and severance obligation are not settled and the old pension plan is extended.
Accordingly, Taiwan ICDF recognized an accrued pension reserve of $16,014,156 for the excess of present value of
pension benefits for the past and future service years under the old pension plan over the fair value of the pension fund
at the measurement date, September 1, 2009 and contributed the amount to the account in 2010.
4) Effective September 1, 2009, Taiwan ICDF has established a funded defined contribution pension plan (the “New Plan”)
under the Labor Pension Act. Under the New Plan, Taiwan ICDF contributes monthly depending on the contribution
grades an amount based on 7% of the payroll grades corresponding to the employees’ monthly salaries and wages to
the employees’ individual pension accounts at the Bureau of Labor Insurance. The benefits accrued in the employees’
individual pension accounts could be received in full or in monthly installments when the employees retire. The
pension costs under the New Plan for the years ended December 31, 2016 and 2015 amounted to $8,393,304
and $17,806,629, respectively.

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