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Business Topic

Old-Age Benefits

  1. Qualification
    After the enforcement of Labor Insurance Pension on January 1, 2009, there are three types of payment for old-aged benefits: 1. Old-age pension benefits 2. Lump-sum old-age benefits 3. One-time old-age benefits. Only the persons who have labor insurance coverage seniority before December 31, 2008 could select to have one time old-age benefits; For those who have participated in labor insurance for the first time after the enforcement of labor insurance pension on January 1, 2009 could not select one-time old-age benefits. The above benefit type could not be changed once the payment is approved and issued by the Bureau of Labor Insurance.
     
    1. Old-Age Pension Benefits:
      The insured person could claim for old-age pension benefits if he/she meets one of the following conditions:
      1. An insured person whose insurance coverage reached over fifteen years, and who is at least sixty years of age and has resigned from work and withdrawn from insurance coverage.
      2. An insured person who has worked in dangerous, physical hard labor, or work of special character for more than fifteen years, and who is at least fifty-five years of age and has resigned from work and withdrawn from insurance coverage.
         
    2. Lump-Sum Old-Age Benefits:
      An insured person whose insurance coverage years are less than fifteen years and is at least sixty years of age and has resigned from work and withdrawn from insurance coverage.
      ◎The age thresholds for claiming the aforementioned old-age pension benefits and lump-sum old-age benefits shall be gradually raised, up to the age of 65.
      Age thresholds for claiming old-age pension benefits and lump-sum old-age benefits:
      Year of birth 1957 and before 1958 1959 1960 1961 1962 and after
      Legal age 60 61 62 63 64 65
    3. One-Time Old-age Benefits:
      If the insured person has insurance coverage before the enforcement of Labor Insurance Act on January 1, 2009 and meets one of the following conditions, he/she could choose to claim one time old-age benefits:
      1. An insured person at least sixty years of age or a female insured person at least fifty-five years of age who has been insured for at least one year and resigns from work.
      2. An insured person whose insurance coverage reached over fifteen, who is at least fifty-five years of age and resigns from work.
      3. An insured person who has been insured in the same insured unit for over twenty-five year and resigns from work.
      4. An insured person whose insurance coverage reached over twenty-five years, who is at least fifty years of age and resigns from work.
      5. An insured person who has been employed for more than five year in dangerous, physical hard labor, or work of special character and who is at least fifty-five years of age and resigns from work.
      6. The insured persons who have transferred to the Military Personnel Insurance, the Civil Servant and Teacher Insurance, and who have resigned and keep their labor insurance seniority pursuant to Article 76 of Labor Insurance Act.
         
  2. Payment Standards
    1. Old-age Pension Benefits:
      The insured person could select the better one from the following two methods.

      “Average Monthly Insurance Salary” is calculated by averaging the highest 60 months of Insurance Salary during the insurance coverage years.

      1. Average Monthly Insurance Salary × Coverage Years × 0.775% + NT$3,000
      2. Average Monthly Insurance Salary × Coverage Years × 1.55%
      • For those who wish to claim for old-age pension benefits in advance of the qualification age, the upper limit for the advance year is 5 years. For every one year of advancement, 4% of the old-age pension benefits would be deducted; the upper limit is 5 years of advance which is 20% deduction.
      • For those who wish to postpone the claiming of their old-age pension benefits, 4% extra of the old-age pension benefits would be added; the upper limit is 20% extra for postponing the claiming of old-age pension benefits.

    2. Lump-Sum Old-Age Benefits:
      For every one full year of insurance coverage, one month of average monthly Insurance Salary would be issued. For the insurance converge less than one year, it would be calculated by the actual month proportionally; for the insurance coverage less than 30 days, it would be counted as one month. For insurance coverage after 60 years of age, five years would be the maximum to be included in the insurance coverage.

      “Average Monthly Insurance Salary” is calculated by averaging the highest 60 months of Insurance Salary during the insurance coverage years.

    3. One Time Old-age Benefits:
      For every one full year of insurance coverage, one month of average monthly Insurance Salary would be issued; should the total insurance coverage is more than 15 years, for the part which is more than 15 years, 2 month of average monthly insurance would be issued for every one extra year of insurance coverage, and the highest limit is 45 months. If the insured person is more than 60 years of age and continue to work, the insurance coverage after 60 years of age would be counted as five years for the maximum. The highest limit is 50 months if combining the one-time old-age benefits before and after 60 years of age.

      For the insurance converge less than one year, it would be calculated by the actual months proportionally; for the insurance coverage less than 30 days, it would be counted as one month.
      The “Average monthly Insurance Salary” is calculated by averaging the actual month Insurance Salary starting from 3 years before the month the insured person withdraws from insurance coverage.
       
  3. Application Procedure If the insured person is qualified for claiming old-age benefits, the following documents shall be submitted in application:
    1. Old-age Benefits Application and Payment Receipts.

    2. For those without household registry in Taiwan, personal identification should be submitted. For example:
      1. Valid personal identity documents issued by the government of the Republic of China such as resident certificates, etc.
      2. Foreign passport and its Chinese translation. Both the original document and the Chinese translation have to be notarized by the R. O. C. embassies, consulates, representative offices, liaison offices or other bodies authorized by the Ministry of Foreign Affairs. The Chinese translation, if not notarized, may be authenticated by the court or by a notary public.

    3. For those who resigned from dangerous, hard labor or work of special character type of jobs, documents evidencing their type of job shall be attached.

    4. For those who have transferred to the Military Personnel Insurance or the Civil Servant and Teacher Insurance and resigned, the documents with the insurance transferring date which proving they have claimed Retirement payment according to Act of Insurance for Military Personnel or Retirement Benefit according to Civil Servants Insurance Act shall be presented.

  4. Points for Attention
    1. Once the application for old-age benefits has been approved and issued by the Bureau of Labor Insurance, it could not be changed .
       
    2. Please fill in the “Retirement date” of Old-age Benefits application form accurately; the date should be the last working day for the insured person before retirement.

    3. If the insured person has withdrawn from the insurance coverage, the insurance unit could be not putting its seal on the application form for old-age benefits for the insured person.

    4. When applying for the old-age benefits, please carefully select the payment method. The applicant should confirm the selection by signing on the application form in person.

    5. For those who have claimed old-age benefits, they could not join labor insurance again. However, if they are employed again, they could join occupational accident insurance according to laws and regulations.
    6. The application form for old-age benefits could be pickup in the Bureau of Labor Insurance and its local offices ; it could also be downloaded from the website of the Bureau of Labor Insurance.
       
    7. For those who claim old-age benefits before the qualification age, the deduction ratio of the amount of pension which is deducted would not be changed .
       
    8. If the insured person's total coverage years in original insurance unit plus the years of insurance coverage through entrusting a group according to the regulation in Article 9-1 of Labor Insurance Act or using personal as insurance unit are more than 25 years, it could be treated as joining the same insurance unit for claiming old-age benefits. 
Last Update:2020-12-22
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