Many workers are concerned about how long they can apply to receive old-age pension benefits of the Labor Insurance after retirement. The Ministry of Labor (MOL) stated that, in order to protect the lives of workers in their old age, the Labor Insurance’s old-age pension benefits enshrine the right to “get benefits as long as you live, receive more benefits the older you get.” Anyone who has accumulated 15 years of Labor Insurance (or 15 years cumulatively of Labor Insurance and National Pension Insurance), reached the minimum age for claim as prescribed by law, and actually left their job and withdrawn from the insurance scheme can apply for old-age pension benefits of the Labor Insurance.
The MOL further explained that old-age pension benefits of the Labor Insurance can last for the entire lifetime. As long as the claimant constantly meets the requirements, the benefits will be paid monthly, with no upper limit on the age of payment or the period of payment. It will continue to be paid until death.
Furthermore, starting from January 1, 2026, the minimum age for claiming old-age pension benefits of the Labor Insurance as prescribed by law will be adjusted to 65 years old. The insured person may choose to claim benefits earlier or later based on their own retirement plans. The pension benefits will be reduced by 4% for each year of early claim; alternatively, the pension benefits will be increased by 4% for each year of later claim, up to a maximum of 5 years early or late. Once the old-age pension benefits are claimed early or late, the reduction or increase ratio will become fixed, respectively, without possibility for change. However, if the application is for old-age pension benefits of the Labor Insurance that include the years of National Pension Insurance in calculation, the claimant must be 65 years of age or older, and the provisions for payment reduction or increase upon early or late application, respectively, will not apply.
The Labor Insurance’s old-age pension benefit system seeks to provide workers with stable and long-term basic economic security after retirement, helping them to enjoy peaceful golden years. The MOL also reminds workers that before submitting an application, they can make use of the calculation services provided by the Bureau of Labor Insurance (BLI), such as the
Simplified Calculation and the
BLI’s e-Service System. Besides carefully assessing their own retirement plans, this enables them to understand the relevant claim regulations as early as possible and properly plan their old age.