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(2)Labor Pension Contribution Rates Chart of Annuity, average life expectancy,
and Monthly Contribution Wages interest rate and other factors, with
The amount of labor pension borne by payment being paid in fixed installments.
employers shall not be less than 6% of ③ Claiming Pension after Application for
workers' monthly wage, and shall be Pension Payments
reported by employers based on workers' Workers who continue to work after
total monthly wages according to the Table having received their pension payments,
of Monthly Contribution Classification of their subsequent seniority shall be reset.
Labor Pension. Meanwhile, workers may Employers shall continue to contribute
voluntarily contribute their labor pension the labor pension to workers' original
within 6% of their monthly wages, and the individual labor pension accounts. The
labor pension voluntarily paid is not included number of times workers may receive the
as part of the annual income subject to pension payments from above-mentioned
taxes. As for employers who actually engage continuing work and related dividends
in labor work, self-employed operators, shall be limited to once a year.
workers not applicable under the Labor ④ Pension Payments Requested by
Standards Act and commissioned workers, Dependents or Will-Designated
they may voluntarily contribute their labor Individuals
pension within 6% of their monthly wages or For workers who die before requesting
operational income, and the labor pension pension payments, their dependents or
voluntarily paid is not included as part of will-designated individuals should claim
the annual income or operational income
subject to taxes. lump-sum payments. If workers, who have
received the monthly pension payment,
(3)Application for Labor Pension Payments die before they reach the average life
① Lump-Sum Pension Payments expectancy or, for those who have
Workers aged 60 and over who have claimed for early benefit payment, before
contributed for less than 15 years should attaining the number of years specified
apply for the principals and accrued by workers for claiming the payment,
dividends from workers' individual labor the monthly pension payment shall
pension account in a lump sum at one be discontinued and the survivor(s) or
time. Workers aged 60 and over who designated claimants according to the will
have worked over 15 years may request shall receive the residual amount in their
to claim lump-sum pension payments. individual pension account in a lump sum.
② Monthly Pension Payments ⑤ Claiming Pension Payments in Advance
Workers aged 60 and over who have Workers not reaching the age of 60 and
contributed over 15 years may request losing working abilities, in accordance
to claim monthly pension payments. The with Article 24-2 of the Labor Pension Act,
amount of monthly pension payments is may request to claim retirement payments
computed on the basis of the principals ahead of schedule. Workers reaching
and accrued dividends from Workers' 15 years contributive seniority or longer
individual labor pension account and shall may request to claim monthly Pension
be calculated based upon the Terms Life payments or lump-sum Pension payments;
Chapter Two Profile of Labor Insurance and Labor Protection Programs 23
