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Public Service

3. What is the qualification and benefit standard for claiming one time old-age benefits?

  1. Qualificaitons: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, 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 seniority is more than 15 years and 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 seniority reached over twenty-five years, who is at least fifty years of age and resigns form work;
    (5) An insured person who has been employed for more than five year in dangerous, physical hard labor, work of special character and who is at least fifty-five years of age and resigns from work;
    (6) The insured person who have transferred to the Armed Force Insurance, the Government Employees’ Insurance, and who have resigned and keep their labor insurance seniority pursuant to Article 76 of Labor Insurance Act.
  2. Benefit Standards:
    (1) For every one full year of insurance coverage seniority, one month of average monthly Insured salary would be issued; should the total insurance coverage seniority 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 seniority, 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 seniority after 60 years would be counted as five years for the maximum. The highest limit is 50 months if combining the one time old benefit before and after 60 years of age.
    (2) For the insurance converge seniority less than one year, it would be calculated by the actual months proportionally; for the insurance coverage seniority less than 30 days, it would be counted as one month.
    ※ The “Average monthly Insured salary” is calculated by averaging the actual month Insured salary starting from 3 year before the month the insured person withdraws from insurance coverage.
     
Last Update:2019-10-17
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