Focus Taiwan
Date: 2017/03/06
By: Hsieh Chia-chen and S.C.Chang

Taipei, March 6 (CNA) The Ministry of National Defense (MND) said Monday that no

(CNA file photo)

decision has been made on how to reform the pension system for military personnel, denying reports that the 18 percent interest rate on savings accounts will be phased out within six years.

The government has already decided that the 18 percent interest earned by teachers and civil servants on retirement accounts will be phased out in six years, but it left the military to come up with its own plan to reform the nearly bankrupt military pension system.

Some media have reported that the same approach will be followed with military personnel, and that the only retirement “advantage” military personnel will have over other public employees is a higher “income replacement” ratio.    [FULL  STORY]