FORWARD THINKING:The Executive Yuan’s proposal stipulates a revision to the rules in 2022 to ensure that the nation’s pension system stays afloat for another 20 years
Taipei Times
Date: Mar 31, 2017
By: Chen Wei-han / Staff reporter
The Executive Yuan yesterday approved a series of draft amendments seeking to
Minister Without Portfolio Lin Wan-i gestures at a news conference in Taipei yesterday after the Executive Yuan approved plans to reform the pension scheme for public-school teachers. Photo: Peter Lo, Taipei Times
reform the pensions and benefits granted to private-sector workers and public-school teachers as part of a plan to revive the nation’s pension system.
The Cabinet passed draft amendments to the Labor Insurance Act (勞工保險條例) and a draft act on retirement benefits for public-school teachers, which seeks to hike insurance premiums and lower income replacement rates.
According to the draft amendment, the labor insurance premium would be raised from 9.5 percent of a worker’s monthly salary to 12 percent in 2022, in annual increments of 0.5 percentage points.
The government would assess the need for further premium adjustments in 2022 to ensure that the pension fund would stay afloat for another 20 years. [FULL STORY]
