We are lucky if they give us a million cash and a pat in the back. 16 million?! 60k a month when the wages are 20 to 30k is insane. No wonder the civil servants are complaining. Like my boss, she says she was supposed to get 60k, now she will get 40k monthly upon retirement. Problem I think is that the older generation has to support the younger one. I mean their masters abroad, finance their housing and car, plus living expenses.
Given the 22-year gap between the average retirement age of 58.1 and average life expectancy of 80.2, office workers are looking to secure about NT$60,000 per month after retiring, which is higher than the average monthly salary (including regular and non-regular earnings) of NT$48,790 in 2016, Lee said.
Meanwhile, according to the 1111 Job Bank poll, 91.7 percent of respondents want to continue working after retirement, including 76.3 percent who hope to take up part-time employment, while 15.4 percent wanted to work a full-time job.
The reasons cited for continuing to work after retirement include physical and mental health (64.8 percent), concerns about loss of life focus (60.2 percent), interest in work (52.2 percent) and fear of having insufficient retirement funds.
Are they thinking of phasing in the changes to the retirement benefits? Like the US military did. When people sign up, they are expecting the retirement. Not cool to change it on them after they’ve worked for 20 years.
The thing again is that most people do not earn enough and do not have a retirement pension systme. The civil servants not only had monthly pension, but the 18% on top of that. It means more frosting than cajke… and it is unsustainable. Small changes have been made since the 90s so for civil servants it is not a surprise to have that removed. Aside from the 18%, there were other benefits from reasonable to unreasonable, from not paying NHI to not paying housing and other perks. Considering most people had nothing, nada to look forward to upon retirement, it was problematic to have a smaller portion of the population sucking an unsustainable part of overall State funds, funds contributed by everyone, considering they had enough already with their own pension system. The cake is enough. The frosting of 18% was overkill in most cases. the people who make less than 30k are not affected.
However, as said, there is a certain divorce between actual wages and salaries in general, which affects pensions. From “we cannot buy a house” to “we have to work til we drop dead”. The older generation supports the younger one, not the other way around.
I like this guy’s theory that it is all China’s evil plot to dissestabilize Taiwan. Anyways, it is all part of the same problem.
The reasons cited for continuing to work after retirement include physical and mental health (64.8 percent), concerns about loss of life focus (60.2 percent), interest in work (52.2 percent)
Why am I not surprised.
We have a few Ah Yi in the office that seriously have nothing better to do than work. The factories are open on Saturdays, so it’s not like they come in and actually have nothing to do, but one of their excuses for coming in is, “There was nothing to do at home” VVhat?!
I hate how this is true and those civil servants decided to go and protest at the opening ceremony (and probably ruined it more for themselves). I hate it more that some departments the civil servants literally do nothing, get paid 3-4x as much as the 22k-ers, don’t pay for rent and have benefits you couldn’t even imagine. Then they have the nerve to protest that their retirement funds have been cut. Go suck a donkey dick.
Apart from the horribly unfair pension system, the main problem will be the pyramid will become inverted ie top heavy with older people and very thin base of young people.
One thing that will keep the country going a while longer is the incredible amount of money stashed away in life insurance funds.
The thing is between investing in a fund here in Taiwan and in my own country, well, I trust taiwan even though China could blast us to smithereens. It si more likely that banks in my country collapse and go kaput with my money, as it has happened before.
This I have trie dto explain to married pals who live here. While in our countries we have the pay deducted a la laobao, the reality is that we may not live to see a cent of that, and if we do, it wil be highly devaluated. The advantage in Taiwan is that the banking system is a lot more stable, me thinks, and you would not have that moeny in your pocket anyways. Just becaus eyou don’t see it does not mean you are not paying for it - I am referring to deductions.