National Pension Monthly Insurance Amount and Premium Rate to Increase Starting 2023.
On December 9, 2022, the Ministry of Health and Welfare announced that, effective January 1, 2023, the National Pension Insurance monthly insured amount will be increased from NTD18,282 to NTD19,761 and the premium rate adjusted upward from 9.5% to 10%. After the monthly insured amount and premium rate have been adjusted, insurance premiums and benefit payouts will also increase accordingly.
Based on the adjusted insured amount and premium rate, the monthly co-payment by the insured person will increase by NTD72 to NTD144, depending on the subsidy type of the insured. The government subsidy for the premium, in the meantime, will increase by NTD95 to NTD239. National Pension Insurance premium payment notices are distributed once every two months. The premium payment notices for January and February 2023 reflecting the above adjustments, therefore, will be issued by the BLI in the end of March of the same year. The insured person should make payment before the end of April.
Monthly pensions are paid out at the end of the following month. Individuals who are entitled to monthly National Pension payments will, as a result, receive the increased pension amount for January, 2023 when the BLI conducts payouts to the insured's account in late February, 2023. Based on a calculation of 10 year of insurance coverage, individuals who are entitled to Old-Age Pension Benefits will receive an additional NTD96 per month according to Method A or NTD192 according to Method B. 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, 2023 will receive an additional benefit of NT$2,958 per birth due to the increase of monthly insured amount. In cases of multiple births, the payment is increased proportionately. Due to the upward adjustment in monthly insured amount, insured individuals who pass away after January 1, 2023 are entitled to an additional NTD7,395 in Funeral Benefits in comparison with the original standard benefit payout.
Individuals eligible for Old-Age Basic Guaranteed Pension Payments, Indigenous People Payments (NTD3,772 per month), or Disability Basic Guaranteed Pension Payments (NTD5,065 per month) will not receive additional payments since benefit payouts for these three categories are paid at flat rate and not calculated according to the monthly insured amount. Furthermore, individuals who have already been entitled to Disability Pension payments (NTD5,065 per month) or Survivor Pension payments (NTD3,772 per month) based on the basic guaranteed amount will continue to receive such basic payments if the benefit amounts calculated according to the adjusted monthly insured amount remain lower than those of the basic guaranteed amount.