Starting on Jan. 1, people enrolled in the National Pension Program would have to pay an additional NT$43 to NT84 (US$1.38 to US$2.70) in monthly premiums according to a government plan to raise the monthly insured amount from NT$19,761 to NT$21,103, a Ministry of Health and Welfare official said yesterday.
The adjustments would result in an additional NT$3.75 billion in annual pension deposits, Family Affairs Administration Acting Director-General Chen Chen-hui (陳真慧) said.
According to the National Pension Act (國民年金法), when the consumer price index (CPI) grows more than 5 percent, the government should adjust the program’s monthly premiums and payouts, Chen said.
Photo: Reuters
Cumulative CPI growth over the past year has risen by 6.79 percent, she said.
The government would provide subsidies ranging from 40 percent to full coverage of the insurance premium, depending on the pensioner’s identity, she said.
Starting on New Year’s Day, government payouts for various welfare programs would also increase, Chen said.
Payouts to encourage people to have children would increase to NT$42,206 from the current NT$39,522, Chen said.
Funeral subsidies would also be hiked up to NT$105,515 from NT$98,805, Chen said.
Citizens aged 65 and older who have been enrolled in the pension program for 15 years or more, and who are on the type A elderly pension plan under the Labor Insurance, would now receive a monthly pension of NT$6,107.
The ministry said that pension premium bills would be mailed out before the end of March next year, and that those enrolled in the program should pay the sum before the end of April.
The government would continue subsidizing the premiums for low-income families, or those that are severely physically or mentally challenged, the ministry said.
Those who are unable to pay the sum should go to their local household registration offices to apply for recognition as a low or mid-to-low-income family, or a person whose income falls below the standard to receive a higher insurance subsidy rate, it said.
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