It is now the 18th year of the New Labor Pension System. No matter whether they are employed or not, participants in the New Labor Pension System who are 60 years of age or older are entitled to apply for pensions.
The Bureau of Labor Insurance specifically informs workers who have attained the age of 60 that there is no time restriction on when they can begin receiving personal pensions and that they are entirely up to that decision.
The New Labor Pension System's goal is to make Taiwan a welcoming place for foreigners to work. Foreigners who have achieved permanent residency will be considered members of the relevant ethnic groups as the amendment goes into effect on May 17, 2019. The Bureau of Labor Insurance made the point that employers should contribute no less than 6% of their monthly wages to labor pensions on a monthly basis and store those funds in a specific account for labor pensions for those individuals who are covered by the Labor Standards Act, including Taiwanese nationals, foreign spouses, spouses from mainland China, Hong Kong, and Macau, and foreigners with permanent residence.
The employee owns the special account and is entitled to make additional pension contributions up to 6% of the monthly wage according to his or her own preferences. This pension will not be impacted by job changes or workplace closures.
Application methods for New Labor Pension System with new immigrants and foreigners included.Photo provided by the Bureau of Labor Insurance
If a worker has reached the age of 60 and has made fewer than 15 years of contributions, they may only claim a pension once; however, if they have made more than 15 years of contributions, they may opt to collect their pension either once or on a monthly basis. The employer must still make pension contributions for the employee even if they continue to work after collecting their pension.
A worker may also apply for retirement benefits in advance if he or she loses the capacity to work before turning 60 as long as the necessary conditions are satisfied. The widow or the person named in the will may get the pension in a lump sum or the balance of the personal monthly pension settlement if the employee passes away before collecting the pension or before the monthly pension limit.
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According to the Bureau of Labor Insurance, before applying for pensions, employees can check the bureau's website or personally visit one of its offices with their identification documents to ask questions and attempt to calculate the amount issued.
