From January of 2012, National Pension payments will increase from NT$500 to NT$700, and the first payments at the new rate will be made by the end of February.
In order to extend help to the underprivileged, on December 2, 2011 the Legislative Yuan passed a third reading of the new National Pension Act Article 54-1; from January 1, 2012, payment amounts for type A Old-age Pension Benefits, basic guaranteed Survivors Pension Payments, Old-age Basic Guaranteed Pension Payments, and Indigenous People Payments will be adjusted from NT$3,000 to NT$3,500; guaranteed annuity for Disability Pension Payments and Disability Basic Guaranteed Pension Payments will be adjusted from NT$4,000 to NT$4,700.
Since recurring National Pension Payments will be recorded in the following month, the Bureau of Labor Insurance will remit the adjusted amount for the month of January, 2012 by the end of February to the bank accounts of recipients. You are eligible to receive National Pension benefits as long as you are not eligible to receive the merit-based Old -age Pension Benefits or Disability Pension Payments. The number of potential recipients is estimated at 1.18 million people.
In order to prevent public benefits from shrinking due to inflation, in addition to revising the amount of annuity payments, the National Pension Act also stipulates that adjustments are to be made to National Pension payments in accordance with the consumer price index growth rate over the next four years. In other words, the annuity payments will increase along with the consumer price index; however, when the consumer price index decreases, annuity payments will not be reduced. This is to guarantee basic economic assistance to support the livelihood of the underprivileged.