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Business Topic

The Processing of Receiving and Paying of Labor Pension

  1. Calculating pension payments and mailing of payment forms
    The Bureau of Labor Insurance is responsible for mailing monthly payment forms before the 25th of each month. The payment amount are individually computed for employers, on the basis of the number of employees, monthly pension payment contributions and contribution rates. For convenience, the Bureau of Labor Insurance will mail separate forms for employer-contributed payments and voluntary employee-contributed payments.

  2. Payment deadlines and procedures
    (1) Payment deadlines
    Before the 25th of each month, the employer will receive from the Bureau of Labor Insurance payment forms specifying the monetary amount of pension contributions owed. The employer is obligated to pay the amount specified by the end of the following month. For instance, for the monthly payment set for July 2017, the Bureau of Labor insurance will mail the payment form before August 25, 2017, and the employer must make payment before September 30, 2017. For workers who make voluntary monthly contributions, the employer shall collecting the individual contributions and make payment directly to the Bureau of Labor Insurance. Under no circumstances are individuals to send their voluntary monthly contributions to the Bureau directly.

    (2) Payment procedures
    a. Payment by bank transfer
    A business enterprise may also apply to a financial institution designated by the Bureau of Labor Insurance for proceeding monthly pension payments by bank wire transfer. The financial institution will deduct and transfer the specified amount on the payment date from the business enterprise's account. The Bureau of Labor Insurance will issue the transfers receipt against all successful transactions within 15 days.
    b. Payment through a financial institution
    The employer is required to double-check and proofread all contents and payment amounts as indicated on the monthly payment forms. If there are no errors, the employer shall make the payments to the financial institutions designated by the Bureau of Labor Insurance. Upon receipt of payment, the financial institution shall stamp both the receipt portion and cancellation portion of the payment. The receipt portion is given to back to the employer for record-keeping while the cancellation portion is retained by the financial institution.

    (3) Cancellation of payments and distribution of pension payments
    After the employer delivers the completed payment form or transfers the necessary sum to the designated financial institution, the Bureau of Labor Insurance will process the payments by confirming with the Bureau's records such as the serial number of the business enterprise, payment group classification, specified payment amount, employer- or employee-contributed pension payment. After the payments have been squared, they are then allocated to a worker's individual pension account.

    (4) Penalty for delinquent or late payments
    If an employer fails to contribute within the time limit, a penalty at 3% of the delinquent contribution shall be imposed on a daily basis for the period from the date immediately following the date of expiration of the time limit till the date immediately preceding the settlement date; provided, however, that the amount of such penalty shall not exceed that of the pension fund that the employer should have contributed.
    Overdue Penalty Payable=Employer’s Payable Contribution Amount x actual overdue days x 3%, the amount of such penalty shall not exceed that of the pension fund that the employer should have contributed.
Last Update:2018-12-02
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