Legislative Yuan, on December 24, 2013, had passed the Amendments of Article 29 in the Labor Insurance Act and Article 55 in the National Pension Law by Third Reading, which then had been announced by the president on January 8, 2014, adding that the insured or beneficiary who can apply for labor insurance and the national pension shall submit supporting documents issued by Bureau of Labor Insurance (hereinafter referred to as BLI) and open an account at the appointed financial institutions, which is exclusively used to save pensions and in which the deposit may not be offset, distrained, taken as guarantees or compulsorily executed.
Since January 10, 2014, for those receive labor and national insurance pension, if their accounts had been distrained for payments by the bank, and they choose to receive a check, they may go to the appointed financial institutions to open pension accounts with supporting documents issued by the BLI. In such a specific account, the pension is free from the risk of distrain by the bank. So it brings the senior a more secure future life. The biggest benefit to open the account is that the deposit may not be distrained, taken as guarantees or compulsorily executed. In addition, like the general account, deposit in the specific account can be freely withdrawn and will calculate the interest during the deposit period.
For those who currently receive a check for the labor and national pension, BLI would send them checks at the end of February along with the notification letter and precaution instructions to open specific accounts. People can directly go to the appointed financial institutions to open accounts with the notification letter, identity documents and seals. The labor and national pensions can be transferred monthly to accounts in the future.