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Prior to applying for the labor insurance old-age benefit, please first run the old-age benefit amount to verify whether to apply for the annuity or one-time payout to better uphold your equity.

In terms of the labor insurance old-age benefit application for onetime payout filing or annuity payout filing, where the insured seniority and the average subscription wage have varied calculation stipulations, the insured, prior to applying for the old-age benefit, is urged to first run it to determine the specific amount of the one-time payout and the annuity payout before choosing a plan to ascertain your payout equity.

A newspaper article reporting that in Sept. 2013, a worker with a 22-year labor insurance seniority was only able to collect 8.3 months of the old-age benefit. Investigation reveals that the insured has only joined the labor insurance for the first time at the age of 56 who retires at 79, which gives him over 22 years of coverage, thus he has chosen to collect the one-time old-age benefit, which by stipulations, the labor insurance seniority for an individual who joins the scheme after the age of 60 makes the individual only eligible to file for 5 years of the payout; therefore, with the insured eligible to the month count of a little over 8 years in labor insurance seniority calculation, he is only eligible to collect 8.3 months of the old-age benefit.

As stipulated by the Labor Insurance Act, for individuals who choose to collect the one-time old-age benefit, the average subscription wage is calculated based on the monthly average subscription wage over a 3-year period from the month the insurance is withdrawn, where individuals with a 30-year or longer labor insurance seniority are eligible for a maximum of 45-month elderly payout, before the age of 60, and the labor insurance seniority after the age of 60 is given a further 5 years, or capped to a maximum payout of 50 months with combined seniority. Nevertheless, for individuals who choose the annuity payout, the average subscription wage is calculated based on the monthly subscription wage of the highest 60 months during whose insurance subscription period, and there is no upper threshold on the calculation of the labor insurance seniority, which is calculated up to the insurance withdrawal date.

Given that the old-age benefit can no longer be changed once approved and paid by the bureau, the insured is kindly reminded to first run the amount of the old-age one-time benefit and annuity payouts before applying for the elderly payout by weighing which plan better suits your own need before filing for the application to better uphold your own equity.

An insured may run the old-age benefit amount by using the following means:

  1. On the Bureau of Labor Insurance’s website, enter your forecast labor insurance seniority and average monthly subscription wage to derive a rough actuation.
  2. On the Bureau of Labor Insurance’s website, use your neutral person’s ID number to run for the amounts using your individual insurance subscription data.
  3. Call on the service counter of a Bureau of Labor Insurance office to run the actuation by presenting your identity document.
  4. Forward photocopy of your ID card by mail to the Bureau of Labor Insurance in writing to obtain the actuation information.
PreviousWith the state insurance running for 5 years now, starting in October 2013, the Bureau of Labor Insurance will successively notify individuals collecting the mentally/physically disability (basic coverage) pension payment to undergo the working capability reassessment. NextThe 2014 labor insurance experience rates for occupational accident’s actual billing rate calculation adjustment work has been completed, and has on October 28, 2013 been forwarded in a letter to notify all applicable entities.
Last Update:2013-11-19