New pension systems come into force Sunday

Focus Taiwan
Date: 2018/06/30
By: Hsieh Chia-chen, Matt Yu and Ko Lin

Taipei, June 30 (CNA) New pension systems set to impact an estimated 333,000

CNA file photo

retired public servants, teachers and military veterans, come into force on Sunday.

The pension reform plan for civil servants, which were passed by the legislature last year, sets a minimum monthly pension payment of NT$32,160 (US$1,085) for public school teachers and civil servants.

A separate pension reform bill proposed by the Cabinet for military personnel, which was approved by the Legislative Yuan on June 20, set the minimum monthly pension for retired military personnel at NT$38,990.

Also under the bill, the income replacement rate for military retirees who serve 20 years is set at 55 percent, with an increase of 2 percent for every extra year of service beyond 20 years until it reaches 95 percent for noncommissioned officers and 90 percent for commissioned officers.    [FULL  STORY]

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