TAIPEI (Taiwan News) — Better known by its trade name, Foxconn, Taiwan-based Hon Hai Precision Industry Co. has announced it issued NT$7.66 billion in bonuses (US$254 million) on Christmas Eve.

Foxconn, the world's largest contract electronics manufacturer has 4,166 employees in Taiwan, but the bonus varied for different business units and individuals based on their performance and function.

UDN reported that the company used to issue a year-end bonus prior to the Lunar New Year, which typically falls between late January and mid-February each year. This year, the company issued the bonus on Dec. 24.

In June, Terry Gou resigned as Foxconn's chairman to run for president of Taiwan. Gou quit the race in September citing various reasons but does not rule out another presidential bid in 2024. Liu Young-way (劉揚偉) was named as Gou's successor and took the helm in July.

Described as a caring leader, Liu was said to have improved employee welfare from employment benefits to facilities, believing this creates a positive work environment and boosts morale to pave the way for a successful transformation.