Premier Chang Chun-hsiung (張俊雄) said on Friday that a much-anticipated national pension system will be put into practice on Oct. 1 of next year, creating a social security mechanism for many disadvantaged people who currently lack any pension benefits at all.
Chang made the remarks in a speech delivered at an evening party marking the 42nd founding anniversary of the Christian Tribune News, a local newspaper.
Noting that the national pension system will cover some 3.5 million people who currently lack any pension benefits, Chang said the new mechanism, coupled with the national health insurance program that has long been in place, will contribute to the establishment of a fair and just society.
The Legislative Yuan passed the National Pension Law (國民年金法) in July.
This law makes it possible for people aged 25 to 65 who are not covered by military, civil service, teachers or labor insurance programs, as well as farmers under the age of 65, to join the program.
They will be required to pay a monthly contribution based on a percentage of the national minimum wage. Contributions will be calculated on a graded scale ranging from 6.5 percent to 12 percent of minimum wage.
After retirement at the age of 65, contributors will receive a pension of up to NT$8,986 per month for the rest of their lives, a figure that will be adjusted in line with changes in the consumer price index.
Given the current minimum wage of NT$17,280, a monthly contribution of 6.5 percent of the minimum wage would amount to NT$1,123. Of this amount, a citizen would pay 60 percent, or NT$674, per month, while the government would cover the remaining 40 percent or NT$449.
After 40 years, the total amount contributed by the citizen would be NT$515,082, while the payout would amount to NT$1.83 million over 17 years, based on an average lifespan of 82 years.
RESOLUTIONS DEBATE: Taiwan’s allies said that UN and WHA resolutions cited by China and other nations ‘do not determine Taiwan’s participation in WHO activities’ A proposal to invite Taiwan to this year’s World Health Assembly (WHA) was rejected on Monday, resulting in Taipei’s absence from the annual meeting for a ninth consecutive year, although partners spoke up for Taiwan’s participation at the first day of the meeting. The first agenda item after the opening was a “two-on-two debate” on a proposal to invite Taiwan to participate at the WHA as an observer. Similar to previous years, two countries made statements in favor of the proposal, while two others expressed their opposition. Philippine Secretary of Health Teodoro Herbosa, president of the 78th WHA, accepted the WHA General Committee’s
Palauan President Surangel Whipps Jr arrived in Taiwan last night to kick off his first visit to the country since beginning his second term earlier this year. After arriving at Taoyuan International Airport at around 6:30 pm, Whipps and his delegation were welcomed by Minister of Foreign Affairs Lin Chia-lung (林佳龍). Speaking to gathered media, the Palauan leader said he was excited and honored to be back in Taiwan on his first state visit to Taiwan since he was sworn in this January. Among those traveling with Whipps is Minister of State Gustav N. Aitaro, Public Infrastructure
Premier Cho Jung-tai (卓榮泰) on Friday laid out the Cabinet’s updated policy agenda and recapped the government’s achievements ahead of the one-year anniversary of President William Lai’s (賴清德) inauguration. Cho said the government had made progress across a range of areas, including rebuilding Hualien, cracking down on fraud, improving pedestrian safety and promoting economic growth. “I hope the public will not have the impression that the Cabinet only asked the legislature to reconsider a bunch of legal amendments,” Cho said, calling the moves “necessary” to protect constitutional governance and the public’s interest. The Cabinet would work toward achieving its “1+7” plan, he said. The
Nvidia founder and CEO Jensen Huang (黃仁勳) hosted a dinner in Taipei last night with key Taiwanese suppliers to celebrate the successful mass production of the company’s new Blackwell AI systems. Speaking to the media earlier yesterday, Huang thanked Nvidia’s Taiwanese partners for their contributions to the company’s ecosystem, while also sharing his plans to meet with Taiwan Semiconductor Manufacturing Co (TSMC) founder Morris Chang (張忠謀). In response to rumors that Nvidia will launch a downgraded Hopper H20 chip for China in July, Huang dismissed the reports, saying, “That is not true.” He clarified that there