By: Hsieh Chia-chen, Yu Hsiao-han and S.C. Chang
Taipei, March 23 (CNA) An Examination Yuan committee proposed on Thursday that retired public
servants should receive a minimum payment of NT$32,160 per month and that the income replacement ratio for those who have served 35 years should be gradually lowered from 80 percent to 70 percent.
The committee, charged with reviewing a government proposal to reform the public-sector pension system, also resolved to “do away with” the much-criticized 18 percent preferential interest rate for some retirees — by cutting it to 6 percent within six years for those who received their entire pension in a lump sum and to zero percent within six years for who have part of their pension deposited in a bank account that offers preferential interest rates and also receive monthly pension payments.
The committee’s proposal will be approved at an Examination Yuan meeting on March 30 before being sent to the Legislative Yuan for final approval. [FULL STORY]