Thu, Nov 15, 2007 - Page 12 News List

Most workers have no retirement savings


More than 54 percent of workers in Taiwan have not set aside any money for their retirement, a survey said yesterday.

The survey was conducted by the online employment service provider 104 Job Bank (104銀行) in cooperation with the Business Today weekly.

Asked how much money they think they will need for their retirement years, 28.3 percent of respondents said between NT$10 million (US$309,981) and NT$19.99 million, 14.1 percent said between NT$5 million and NT$9.99 million, and 12.8 percent said more than NT$50 million.

However, the survey found that only 45.8 percent of respondents have made provision for their retirement.

While 52 percent of respondents said they had thought about setting aside money for their retirement but had not started to do so, 2.2 percent said they had never thought about saving for their retirement.

In their retirement, 28.9 percent of the workers estimated that they will need to spend between NT$20,000 to NT$30,000 per month, while 28.1 percent estimated between NT$10,000 and NT$20,000. On average, the respondents said NT$27,566 per month would be needed.

The survey was carried out between Oct. 8 and Oct. 12 among 1,414 job bank members aged between 36 and 56. It has a margin of error of plus or minus 2.61 percentage points.

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