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Unemployment Pension Payment Age Hiked to 65

The China Post

 

August 22, 2008

 

Taiwan

 

The Council of Labor Affairs (CLA) has mapped out a set of revisions to the Employment Insurance Law, making jobless insured employees under the age of 65 eligible for receiving an unemployment pension. This is up from the existing maximum age of 60, in line with the new mandatory retirement age of 65 for insured workers as set in the newly revised Labor Standards Law. 


Under the new law, a monthly unemployment pension payable to general jobless insured workers will remain at 60 percent of their insured monthly pay, and the payment's maximum duration will remain unchanged at the current level of six months.


But for those with dependents, they will see their monthly unemployment pension hiked by 10 percent for one dependent they raise, and by 20 percent for two or more dependents. 


The dependents refer to spouses without income, children yet to become of age, as well as physically and mentally disabled children. 


Meanwhile, some individuals in this group will be allowed to receive a maximum of nine months of unemployment pension payment once they become unemployed, including those who over 45 years of age, or those who are certified as physically and mentally retarded.


In addition, the revised law also hikes the monthly children nursery allowance payment to 60 percent of the insured monthly pay, with qualified applicants allowed to receive a maximum of six months' payment.


Qualified applicants are confined to those whose children are under the age of 3, where both the mother and father can take turns taking maternity leave for six months, and receive the nursery allowance payment during their maternity leave. 


At the moment, there are around 5 million people covered by the Employment Insurance Law, with the employment insurance premium rate set at 1 percent.
The CLA will submit the revised Employment Insurance Law to the Cabinet for deliberation, and then the Legislative Yuan for final ratification.
If the revised law is approved without a hitch by the Legislative Yuan, then the employment insurance expenses will be increased by NT$8 billion per year, according to the CLA.


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