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The Amount of Farmers’ Pension Contribution Shall Be Adjusted since Year 2022 to Keep Pace with the Change in Basic Wage.

The amount of the monthly contribution for farmers’ pension  shall be determined by multiplying the monthly basic wage of workers (as announced by the Ministry of Labor) by the contribution rate. As announced by the Ministry of Labor, the monthly basic wage shall be adjusted from NTD24, 000 to NTD25, 250 with effect from January 1, 2022. The amount of monthly pension contribution by the farmers shall be adjusted upwards from the same date. For a farmer with a contribution rate of 10%, for example, the monthly contribution amount shall be raised from NTD2, 400 to NTD2, 525. The corresponding contribution by the government will be increased accordingly. This will ensure further protection for the retired life of the farmers.

The BLI expressed that, the farmers’ pension system had been implemented on January 1, 2021. Farmers may voluntarily participate in the program as long as they are under the age of 65, have been actually engaged in the agricultural activities and covered by farmer’s health insurance, subject to that the farmer has not yet received any old-age benefits from related social insurance. The monthly contribution amount is determined by multiplying the monthly basic wage of farmers by the contribution rate. Farmers may on their own decide the contribution rate, ranging from 1% to 10%. The government will, based on the amount contributed by the farmer, deposit the same amount into the farmer’s individual pension account on a monthly basis. The farmer may claim for monthly payment of the total principal and accrued dividends in the when he/she attains the age of 65.

The BLI reminded the farmers that the deduction for farmers’ monthly pension contribution would be made at the end of the following month. To coincide with the adjustment of basic wage since January, 2022, the adjusted contribution amount will be deducted at the end of February, 2022. The same procedures shall apply for all future deductions. The BLI reminded the farmers that, to protect their rights and interests, they should keep sufficient funds in the account to ensure the transactions are successful.
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Last Update:2021-12-27