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Labor Insurance Old-Age Pension Benefits Is Lifelong and Has No Maximum Eligibility Age

An insured person who has enrolled in the Labor Insurance according to regulations; meets the requirements of age and years of insurance for old-age benefits; and has left his/her job and canceled his/her insurance may apply to the Bureau of Labor Insurance (BLI) for Labor Insurance old-age benefits. If the insured chooses to claim Labor Insurance old-age pension benefits (paid monthly), such benefits will be paid on a monthly basis, and the BLI will only discontinue payments starting from the month following the occurrence of ineligibility regarding payment criteria or decease of the claimant in accordance with the regulations. The insured may rest assured that there is no maximum age for claiming the benefits and that it is not true that payments will discontinue at age 83.

The new Labor Pension policies have now been implemented for 15 years since taking effect in 2005. Therefore, those who have contributed to the Labor Pension for 15 years as from July this year (2020) and reached age 60 are eligible for monthly pension payments. According to the new policies, Labor Pension and Labor Insurance are two different systems. In the Labor Pension system, employers contribute no less than 6% of their employees’ monthly wages to each employee’s individual accounts. When an employee claims the benefits, the principal and accrued dividends in his/her individual account will be calculated based on the corresponding average life expectancy in the life chart of pension (for example, according to the currently announced life chart of pension, the expected remaining years of life are 24 for a 60-year-old person, so the person can receive the benefits until age 84), interest rate, and other factors, thus yielding the amount of each regular pension payment. Therefore, since the insured will receive the pension payments until he/she reaches the average life expectancy, there is a maximum number of years for claiming the Labor Pension monthly payments. On the other hand, the Labor Insurance Old-Age Pension is lifelong, and there is no maximum eligibility age.

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Last Update:2020-10-13