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Bureau of Labor Insurance, Ministry of Labor Brief Introduction
② Voluntary Contributors
According to the paragraph 2 of Article 7
of the Labor Pension Act, if employers who
actually engage in labor work, self-employed
operators, commissioned workers, and
workers not applicable to the Labor
Standards Act, may voluntarily contribute
and request to claim pension in accordance
with the Act.
(2)Labor Pension Contribution Rates
and Monthly Contribution Wages
The amount of labor pension borne by
employers shall not be less than 6% of
employees' monthly wage, and shall be
reported by employers based on employees'
total monthly wages according to the Table
of Monthly Contribution Classification of
Labor Pension. Meanwhile, employees may
voluntarily contribute their labor pension within
6% of their monthly wages, and the labor
pension voluntarily paid is not included as
part of the annual income subject to taxes. As
for employers who actually engage in labor
work, self-employed operators, workers not
applicable under the Labor Standards Act and
commissioned workers, they may voluntarily
contribute their labor pension within 6% of
their monthly wages or operational income,
and the labor pension voluntarily paid is not
included as part of the annual income or
operational income subject to taxes.
(3)Application for Labor Pension
Payments
① Lump-Sum Pension Payments
Employees aged 60 and over who have
contributed for less than 15 years should
apply for lump-sum pension payments of
the cumulative principals and earnings in
their individual labor pension accounts.
Employees aged 60 and over who have
worked over 15 years may request to claim
lump-sum pension payments.
② Monthly Pension Payments
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Employees aged 60 and over who have
contributed over 15 years may request
to claim monthly pension payments. The
amount received each month is to be
computed on the basis of the cumulative
principle and earnings in an employee's
individual labor pension account. Based
on the Annuity Life Table, the amount paid
each month is computed on the basis of
average remaining lifetime and interest
rates, with payment being made regularly.
At the time when a worker claims monthly
pension payments, he/she shall pay a one-
time premium for annuity insurance to cover
the worker's annuity payment if he/she lives
beyond the average life expectancy.
③ Claiming Pension after Application for
Pension Payments
Employees who continue to work after
having received their pension payments,
their subsequent seniority shall be reset.
Employers shall continue to contribute
the labor pension to employees' original
individual labor pension accounts. The
number of times employees may receive the
pension payments from above-mentioned
continuing work and related dividends shall
be limited to once a year.
④ Pension Payments Requested by
Dependents or Will-Designated
Individuals
For employees who die before requesting
pension payments, their dependents or will-
designated individuals should claim lump-
sum payments. For employees who have
been receiving monthly payments but die
before reaching the average life expectancy
or the number of years available for them to
claim the payment, monthly payments will
be terminated and their dependents or will-
designated individuals can claim the amount
remaining in their individual labor pension
accounts in a lump sum.
⑤ Claiming Pension Payments in Advance