On December 29, 2014, the Ministry of Health and Welfare announced that, effective January 1, 2015, the National Pension Insurance monthly insured amount will be increased from NT$17,280 to NT$18,282 and the premium rate adjusted upward from 7.5% to 8%. After the monthly insured amount and premium rate have been adjusted, insurance premiums and benefit payouts calculated based on monthly insured amounts will also increase accordingly.
After the monthly insured amount and premium rate have been adjusted, insured persons will be required to pay additional premiums of up to NT$100 per month depending on their types of subsidy. Government subsidies toward the insured persons' insurance premium will also see an incremental increase ranging from NT$67 to NT$167. National Pension Program premium payment notices are distributed by mail once every two months, therefore premium payment notices for January and February of 2015 that reflect the above adjustments will be issued by BLI in late March.
Monthly pensions are paid out at the end of the following month, therefore individuals who are entitled to monthly National Pension payments will receive the increased pension amount for January when BLI conducts payouts to the insured's designated account in late February. Based on a calculation of 1 year of insurance coverage, individuals who are entitled to Old-Age Pension benefits will receive an additional NT$7 according to Method A or NT$13 according to Method B per month. The amount of benefits will increase incrementally based on the duration of insurance coverage.
Furthermore, individuals who give birth and are entitled to maternity benefits after January 1, 2015 will receive additional benefits of NT$1,002 per birth. The increase in benefits is proportionate to the total number of children delivered (e.g., twins or triplets). Due to the upward adjustment in monthly insured amounts, insured individuals who pass away after January 1, 2015 and after National Pension monthly insured amount adjustment have come into effect are entitled to an additional NT$5,010 in funeral benefits in comparison with the original standard benefit payout.
Individuals eligible for Old-Age Basic Guaranteed Pension Payments, Indigenous People Payments (NT$3,500 per month), or Disability Basic Guaranteed Pension Payments (NT$4,700 per month) will not receive additional benefits since benefit payouts for these three categories are not calculated according to the monthly insured amount. In addition, individuals who are already entitled to Disability Pension Payments (NT$4,700 per month) or Survivors' Pension Payments (NT$3,500 per month) will continue to receive basic guaranteed payments since benefit amounts calculated according to the adjusted monthly insured amount will still be lower than that of the basic guaranteed amount.