Get the app

Hey, retirees, there's NT$2 billion in unclaimed benefits sitting around. Is some of it yours?

TAIPEI, Taiwan — Is someone you know sitting on a load of cash without even knowing it?

Roughly 30,000 retirees nationwide have forgotten to collect their labor retirement pay, according to the Bureau of Labor Insurance.

Each has about NT$60,000 in uncollected benefits, translating into a total of NT$2 billion sitting idle.

The bureau said it will soon start sending reminder to retirees about the funds.

But why aren't they collecting the cash in the first place?

Probably because they are confused by Taiwan's retirement benefit system and don't even know the pay exists, according to the bureau.

All workers are familiar with the pension system. Under it, funds from the government's Labor Insurance Fund are used to pay monthly pensions to qualifying retirees.

But, the bureau said, not everyone knows about the labor retirement pay benefit, another compulsory social insurance program for nonpublic workers.

In accordance with the Labor Standards Act, employers must pay at least 6 percent of employees' monthly salaries into accounts administered by the Ministry of Labor. The funds can be claimed back by retirees as a monthly payment or as a lump sum.

So now you know.

You may also like...
Advertise  |   RSS Feed  |   About Us  |   Contact Us
Home  |   Taiwan  |   China  |   Business  |   Asia  |   World  |   Sports  |   Life  |  
Arts & Leisure  |   Health  |   Editorial  |   Commentary Travel  |   Movies  |   Guide Post  |   Terms of Use  |  
  chinapost search