It’s a fairly healthy fund right now. Better than nothing. It won’t disappear because that would be political suicide.
It wouldn’t be enough to like on comfortably on its own,more like a top up.
Does anyone know what the interest is on the money inside the fund? And can anyone with a digital citizen certificate log in and check if the interest payments are shown in the transaction list like they are in the bank passbooks?
I thought the 6% pension was paid into a ring fenced private account, and was pretty much fixed. The laobao system I understand can be changed by the government at anytime. Yes I agree you need to pay into your pension system back home, and make investments etc.
Labor pensions have minimum guaranteed dividends
In accordance with the Labor Pension Act, the dividends accrued from worker’s pension fund may not be lower than the dividends paid for a two-year fixed term deposit from a local bank. Should accrued dividends fail to reach that minimum rate, the National Treasury shall compensate the difference. In the future, dividends from individual pension accounts may vary due to investment outcomes in the financial markets, but with the guaranteed minimum rate, when a worker eventually receive his/her pension payments, in addition to the principal accumulated from all monthly contributions, they will also collect dividends equivalent to the interest paid for a two-year fixed term deposit from a bank.
Bureau of Labor Insurace Website-Labor Pension-Characteristics of the New Labor Pension System
If ARC/GC holders can’t get this, are there any sort of other defined savings plans for retirement?
You can get this.
So I, on an ARC, can make a pension account and have my employer make contributions?
Yes of course. It is known as laobao,labour insurance.
i guess what you mean is the old age benefit of labour insurance(勞工保險). this is mandatory for most of employees regardless of their nationality, and premium is based on salary.
https://www.bli.gov.tw/en/0007461.html
it is a different system from the labor pension(勞工退休金), which is discussed here and if you are a foreigner, you need an APRC or spouse with hukou.
https://www.bli.gov.tw/en/0010373.html
There are two different systems
One the old rhe other new.
I’m referring to Lao Bao - labour insurance, which pays out a pension at certain age, employers and govt contribute to it.
Howdy folks,
I have had an APRC for about 5 years and just learned about this.
I have a strong suspicion that my current employer for the past 3 years has not been paying this. If this is true, can the government force them to pay the contributions with interest it would of earned?
Yes.
First thing is to go down to the ministry of labor and ask them for a statement of your account.
Secondly… there is a cutoff period of 24 months I think. So get in quick.
Do you know if private schools are required to pay towards this pension?
Private schools can be exempted under the private schools act. (Loophole that many don’t care about and others don’t seem aware of)
However buxibans and public schools have to pay
I suggest going to the labor bureau and asking them.
If you teach here for 30 years what will the Laobao monthly payments be when you reach 60 years old? Ballpark figure
I should be a percentage of salary, so I suspect generalizations are difficult. If you have the flexibility to do so, perhaps you could stop by the Labor Bureau to get a detailed look at your situation? Then you can tell us what you think.
Guy
Checked the pension fund after 10 years:
Your accumulated earnings represent approximately 47.3% of your principal.
