I won a claim for severance pay of NT$223,814 against my former employer. The employer started an appeal process but is now seeking an out-of-court settlement, offering me NT$200,000 in 6 installments. I want to try and get the full amount due to me, or as near as I can negotiate. According to the ruling, the amount due to me is NT$223,814 plus legal interest (法定利息 fading lixi). Unfortunately it doesn’t say what the rate of legal interest is.
[ol][li]I think the annual rate is 5%, can anyone comfirm this?[/li]
[li]Is the interest compound?[/li]
[li]The time elapsed so far is 31 months. If the legal interest rate is an annual rate, how do I work out the interest for additional months?[/li]
[li]If the employer pays me in installments (he wants to pay me in 6 installments), should he pay additional interest due to the delay in full payment, and, if so, how is it calculated :s ? (Note: I have already been advised that if he insists in paying in installments, I should insist that he make out all the post-dated cheques at the same time, before signing the agreement.)[/li][/ol]I don’t know much about law, and still less about financial calculations, so thanks to anyone who can help me with this.