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To improve the quality of life of farmers and strengthen their production skills, the government should enact protective laws and implement relevant policies. The farmers' health insurance program, however, does not cover any old-age or retirement benefits. The old-age protection for farmers, therefore, remains insufficient. The government, therefore, has enacted the Farmer Pension Act (hereinafter referred to as "The Act") based on the existing labor pension system and other related programs. Farmers' individual pension accounts are established. The government and the farmers are enabled to make payments to the farmer pension funds, which will serve as an old-age support for the farmers. In future, elderly farmers will be financially secured simultaneously by the old-age farmers' welfare allowance and the farmer pension system. They will, on this basis, enjoy an adequate standard of living as other retirees.
The Farmer Pension Act passed the third-reading of the Legislative Yuan on May 22, 2020 and was promulgated by the President on June 10, 2020. It is scheduled to be implemented on January 1, 2021. After the implementation of the Act, the insured persons under the farmer's health insurance may, on a voluntary basis, apply to the base level farmers' association for making payments to the farmer pension fund, subject to that he/she is under 65 and has not yet received any old-age benefit from related social insurance programs. When a farmer starts to make payments to the pension fund according to the regulations, the Government shall, on a monthly basis, allocate the same amount of money into the individual pension account of the farmer. The return from the utilization of the funds shall not be lower than the return from a two-year fixed deposit of the bank. Farmers attaining the age of 65 may claim for the principal and accrued dividends in the individual pension account. The amount shall be calculated and paid monthly, based on the pension life table, the average life expectancy and the interest rate.
Last Update:2020-10-26