Checking on my wife’s account, she had 205,766 and was deducted 12,933, which is like 6.28%… Not 100% sure why we were deducted different amounts, but I think it likely has something to do with that there is a delay in my account total due to the standard 2-3 month delay in data, whereas my wife isn’t working so no delay in her contribution data.
Huh? Isn’t the government supposed to guarantee a minimum annual profit?
I read a good Chinese article about this a couple months ago. Although they are guaranteed to give you a minimum amount of dividend equal to the amount of a 1 year bank fixed deposit, I believe it is averaged over a number of years, not each year. Although I really can’t remember.
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its actuarial balancing, in a country with less workers and more retirees its bound to happen. sadly there are few (none?) alternatives that include employers matching.
Darnng that’s not good that they can actually take out a large % from your total pot.
That’s still peanuts—glad I have three defined pensions tied to inflation.
Will be more annually than the above figure
I just save like hell outside of my pension, and invest in reasonably safe assets
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I remember in my young 20s going to a certain pub frequented in Taipei by 50 and 60-something expats.
Scared the fuck out of me—-the alcoholism and insolvency of many.
Take away was to leave at some point but to have real estate, defined pensions and hopefully an inheritance.
But what a fun and carefree time, One current poster said “Taiwan was like your house when dad is in charge and mom is away”—-great analogy.
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No doubt the last one is a clear result of your foresight and hard work.
Guy
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—Not all of us can be sticky ball proletarians/Engrishy poets.
What happens if you don’t have 35 contributing years? I thought it was 15.
State pension? It’s pro-rated. For example, I am in my mid 40s, have only contributed 5 years, but if I continue to my late 50s or early 60s, I will have contributed 20/35 or so…will give me 5 or 6 thousand pounds for state pension (full one is now over 10,000 pounds).
Are we talking about Taiwan? Or the Uk? I know you need 35 years in the UK. But you can catch up by paying up for lost years.
UK–no idea on Taiwan. Yup, you can pay up for lost years, although it is not worth it for some (I don’t want to pay 800 pounds a year for catch up—cheaper if you contributed earlier in life). At the end of the day, the public sector one is a lot more generous than the state one.
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According to the statistics, the funds managed by the bureau, such as Labor Pension Fund, Labor Retirement Fund, Labor Insurance Fund, Employment Insurance Fund, Arrears Wage Payment Fund and others, recorded aggregate returns of NT$154.4 billion for the month of July.
The July figure boosted the accumulated returns for the first seven months of the year to NT$625.42 billion, with a return rate of 11.36 percent, as global financial markets began showing signs of stabilizing after their volatility a year earlier amid aggressive rate hikes by the world’s major central banks.
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I recommend anyone who has time to go into local Labor Insurance office.
I did and got the exact amount I’ll get in lump sum at 65. The kind lady explained everything about contributions, depending on ARC type.
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Since receiving my APRC, my employer has asked if I would like to join this program. I wasn’t sure at the time and said I would need to do my own research (why I’m on this thread ) , but why might he ask if I want to join the program if it’s required anyway?
Are you a teacher ? A lot of bullshit in that industry.
It isn’t optional. You don’t get a choice. They must pay into it. But yea, you want them to pay into it.
The only exception is private primary/high schools
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