So I check my salary deductions record and see that there is a row for
勞保 870 NT / month
What is this exactly for? How is this calculated? (I’ll ask HR tomorrow, but would like to get opinions here too). Thanks.
That would be your pension contribution. I’ll leave it to someone else to explain if you have any chance of ever laying hands on that money.
Also unemployment insurance.
Labor insurance can be viewed as “unemployment insurance” in some situations, but it’s not the same as employment insurance, which most foreigners don’t (and can’t) have.
There is a (modest) labor insurance pension benefit, but it’s separate from the pensions of the Labor Standards Act (“old system”) and the Labor Pension Act (“new system”). Most foreigners are subject to the old system but won’t stick around long enough to use it.
For more information I suggest searching for the most recent threads on pensions and labor insurance (laobao) and visiting the website of the Bureau of Labor Insurance.
www.bli.gov.tw