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Bureau of Labor Insurance, Ministry of Labor Brief Introduction
1. Labor Pension Can be Accumulated Establishment of the National
Continuously Throughout the
Working Period Pension Program
For workers who choose and apply to the new The implementation of the national pension
labor pension program, the pension contributed program on October 1, 2008 fills the gap within
by employers during workers' working period is the social insurance system; provides basic
cumulative and portable.
economic security for citizens who are facing old
2. Clear Overview of Pension Costs for age, have given birth, have a serious disability
Employers or involved in death accident; and ensures the
life stability for their dependents. In addition, the
Employers should contribute 6% (or more) of establishment of the national pension program
workers' monthly wages to their labor pension also has the following major impacts on our
accounts. With clear-cut accounting of pension social security system :
costs, this would also help avoid labor disputes
over pension-related issues such as severance 1.From occupation-based insurance to insurance
payment and employee termination. for all citizens; filling the gap within the social
insurance system.
3. Workers Who Contribute Voluntarily 2. From policy-based subsidies to institutional
Enjoy Tax Incentives benefits.
Workers may contribute voluntarily additional 3. Aligned with the labor insurance pension
labor pension within 6% of their monthly wages, program, the national pension program has
and the voluntarily paid pension is not included in taken into account welfare resources of
the tax on the annual income. As for employers the society, thereby reducing the duplicate
who actually engage in labor work, self-employed allocation of resources and optimizing efficacy.
operators, workers not applicable under the
Labor Standards Act and commissioned workers, Establishment of the Labor
they may voluntarily contribute their labor pension
within 6% of their monthly wages or operational Insurance Pension Program
income, and the labor pension voluntarily paid
is not included as part of the annual income or Before the labor insurance pension program
operational income subject to taxes. launched in January 1, 2009, the labor insurance
program adopted a lump-sum payment approach;
4.Labor Pension Has Minimum this makes money claimed more vulnerable to
Guaranteed Profits inflation or unwise investments. Furthermore,
In accordance with the Labor Pension Act, the according to the statistics of the Ministry of
profits accrued from the labor pension fund Interior, in 2007 people live on an average of
are not allowed to be lower than the profits about 22 years after they turn 60; it is estimated
calculated according to the two-year-fixed-term- that the average life expectancy will go up to 89
deposit interests paid by local banks. In addition years of age by 2056. In 2007, the average age
to the principal accumulated from all monthly of insured persons claiming old-age benefits in a
contributions, the profits received by workers lump sum was 57.76 and only a little more than
are guaranteed to be equivalent to the two-year- NT$1.07 million was paid per case on average,
fixed-term-deposit interests paid by local banks which was not enough for old employees and
upon their retirement. their dependents to live on. The labor insurance
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