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4. Strengthen the Management and
Rate Adjustment Mechanism
Operation of the Labor Insurance
7.5% (including 1% of the and National Pension Fund; Stabilize
employment insurance premium) the Financial Foundations of these
for the first two years, with an Programs
Labor annual increase of 0.5% to 10% In light of safety, profitability and liquidity, the
Insurance afterwards. From the year the
rate reaching 10%, it will be government strives for raising the return on
increased by 0.5% every two investment by strengthening the management
years until the maximum of 13%. and operation of the labor insurance and
national pension fund and increasing
6.5% for the first year and investment channels.
National increased by 0.5% on the third
Pension year, after which the rate will be Labor Insurance Financial Crisis
Insurance increased by 0.5% every two
years until the maximum of 12%. and Pension System Reform
For many years, the premium rate for the
2. Labor Insurance Pension Will Gradually
Extend the Age of Retirement labor insurance program has been on the
low side, while the benefits have been
One of the solutions adopted by many relatively favorable. Established for more
countries around the world to ease the financial than 70 years, the program is now entering
burden of annuity insurance is to extend the its maturity stage as claims for old age
average retirement age. The labor insurance benefits continue to increase. The system is
pension program has designed to gradually therefore facing immense pressure in terms
extend the retirement age. From the date of potential liabilities. The implementation of
the labor insurance pension program was the labor insurance pension program in 2009
implemented, one year shall be added on the and rapid changes in population structure
10th year, after which one year will be added (aging and low birth-rate) have both seriously
to the retirement age every two years until the disrupted the financial stability of the labor
retirement age reaches 65. insurance program. To facilitate national
pension system reform, on May 30, 2016, the
3. Do Regular Research in Trends of government administration established the
Labor Insurance and National Pension Pension Reform Committee, comprised of
Benefits
representatives from different occupations as
In the past, Taiwan's social insurance lacked a well as experts and scholars. The Committee
rational rate adjustment mechanism, causing has convened twenty committee meetings,
issues of financial payment to worsen. In the four regional forums and one national affairs
future, changes and trends in the payment conference. The conclusions in the national
of benefits will be regularly calculated and affairs conference have served as the statutory
evaluated according to insured persons' actual basis for pension system reform. On March 30,
claiming of benefits to build a financial alarm 2017, the Executive Yuan submitted the draft
system. bill for pension system reform to the Legislative
Chapter Four Safeguards for Laborers’ Old-Age Lives 37
