Ministry of National Defense announced draft reforms to the military pension system
Taiwan News
Date: 2017/11/15
By: Juvina Lai,Taiwan News, Staff Writer
TAIPEI (Taiwan News) — The Ministry of National Defense announced the draft reforms it
(By Central News Agency)
had proposed to replace the existing military pension system on Tuesday. The new reforms would result in phasing out the 18 percent preferential savings rate within the first year and slashing pensions.
The key changes included setting a minimum pension payment for retired military personnel–NT$32,160 (US$1,065)–the same as for the civil workers.
The other key changes proposed by the ministry includes that veterans who served in the military for at least 20 years before retiring will be entitled to a monthly pension equivalent to half of that baseline wage. The proposed calculations are to based on the average monthly salary earned in the last 36 months before retirement.
Those who have served longer than 20 years will receive a higher percentage, specifying that the veterans ranked as generals will receive a yearly hike of 2 percent while those ranked lieutenant-general and lower pension rate will be increased by 2.5 percent every year for every extra year of service beyond 20 years. [FULL STORY]
