The specific legislative intent of this Act is to encourage farmers to save money for their old age, enhance guarantees of the quality of life for retired farmers, stabilize rural society, and promote rural economic development.

The term “Competent Authority” as used in this Act shall mean the Council of Agriculture, Executive Yuan.

The term “farmers’ pension” as used in this Act shall be comprised of monthly payments from farmers and the Competent Authority.
Farmers who meet the following two qualifying criteria can, based on this Act, make payments into farmers’ pensions:
1. Those who actually cultivate the land, are less than 65 years old, and are covered under Farmers Health Insurance (hereafter FHI).
2. Those who do not receive payments for the elderly from relevant social insurance.
Farmers mentioned in the preceding Paragraph who make payments into a farmers’ pension based on this Act shall, during the period of such payments, continually be covered under FHI.

Persons who have already collected retirement payments under insurance for military personnel and who are insured persons participating in farmers’ health insurance under the provisions of Article 5-1 of the Farmer Health Insurance Act can, based on the previous Article, make payments into farmers’ pensions, and shall not be subject to the restriction in Subparagraph 2 of Paragraph 2 of the preceding Article that they shall not have received payments for the elderly under relevant social insurance.

Supervision of matters related to revenues, expenditures, and management of farmers’ pensions as well as the use, operation, and management of the farmers’ pension fund shall be conducted by the Supervisory Board for the Farmers’ Pension System (hereafter “the Supervisory Board”), which shall be comprised of representatives of relevant government agencies, farmers’ representatives, and experts and scholars.
The supervisory matters, processes, staff organization, terms in office, and hiring of the Supervisory Board mentioned in the preceding Paragraph shall be stipulated by the Competent Authority.

The Competent Authority shall commission the Bureau of Labor Insurance (hereafter BLI) of the Ministry of Labor to handle matters related to revenues, expenditures, and management of farmers’ pensions.
The Competent Authority shall commission the Bureau of Labor Funds (hereafter BLF) of the Ministry of Labor to handle matters related to the use, operation, and management of the farmers’ pension fund.

Payments made into farmers’ pensions under this Act shall be deposited into individual farmers’ pension accounts set up by the BLI.