If you choose to switch to the new labor pension system, your accrued seniority under the old labor pension system before the switch will be retained. Once you meet the eligibility requirements for retirement pension or severance pay regulated in the Labor Standards Act, your employer shall pay the retirement benefits or severance pay attributable to your retained seniority. The mutual consent of the employer and the employee is required to settle the retirement benefits under the old labor pension system. Neither party may be compelled to enter into such a settlement, and the employer is under no obligation to agree to it.
An employee may, by agreement with the employer, settle the retirement benefits for the years of service accrued under the Labor Standards Act, and transfer the settlement amount into the employee’s individual labor pension account with the Bureau of Labor Insurance. The transferred amount may not be withdrawn before the employee reaches the age of 60,except that an employee loses the capability to work, apply for early payment.