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Public Service

2. What are the advantages of the labor insurance pension policy?

  1. Monthly pension payments are safe and secure:
    Monthly pension payments provide stability and security to the insured persons or their survivors, avoiding the risks of taking out the pension in one lump sum.
  2. The longer you are insured, the more pension you will get; your years of insurance coverage are never wasted:
    The labor insurance pension benefits are based on the precise number of years of insurance coverage, and there are no ceilings on how many years you can be insured.
  3. A steady income for lifetime means a happy and dignified retired life:
    By choosing this pension policy, you can enjoy a secure and dignified life. According to BLI's calculations, the total amount received in 8 years for a monthly pension will be greater than that of taking out the pension in a lump sum.
  4. The insured persons could start receiving pension payments on reaching retirement age; their years of insurance coverage are never wasted:
    In the past, workers who left their jobs before retirement age would not qualify for old-age benefits. Unless they found a new job and continued to participate in labor insurance, all their years of insurance coverage would not count. But since the pension policy was implemented, workers who have paid 15 or more years of insurance premium will be eligible for the old-age pension as soon as they reach the age required to claim their old-age pension benefit. Even if they have only paid less than 15 years of insurance premium, they are still eligible for the old-age lump sum benefit when they reach the age of 60.
  5. The policy adjusts in accordance with the Consumer Price Index (CPI), keeping itself inflation-free:
    In the past, labor insurance benefits could only be taken out in one lump sum, which often loses value over time due to inflation. Even if you put the sum into a time deposit, it will be affected when interest rates drop. But the new pension policy will adjust the payment amount when the accumulated growth rate of CPI reaches 5%.
     
Last Update:2021-09-23
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