CHAPTER 4 INSURANCE BENEFITS
Section 6 Old-Age Benefits
An insured person who is at least 60 years of age and has any of the following conditions may claim to receive old-age benefits:
1.An insured person whose insurance coverage year reached over fifteen could claim for old-age pension benefit.
2.An insured person whose insurance coverage year has not reached fifteen could claim for a lump sum old-age benefit.
For those who already have insurance coverage years before the promulgation and enforcement of the amendments for this Act on July 17, 2008 and conform to any one of the following regulations, the insured not only could claim for old-age benefit according to the regulation in preceding paragraph, he/she could also choose to claim for onetime payment of old-age benefit. However, if the insurer has approved the onetime payment, it could not be changed anymore.
1.An insured person at least sixty years of age or a female insured person at least fifty-five years of age who has been insured for at least one year and resigns;
2.An insured person whose insurance coverage reached over fifteen, who is at least fifty-five years of age and resigns;
3.An insured person who has been insured in the same insured unit for over twenty-five year and resigns; or
4.An insured person whose insurance coverage reached over twenty-five years, who is at least fifty years of age and resigns;
5.An insured person who has been employed for more than five year in physical hard labor, work of special character and who is at least fifty-five years of age and resigns.
An insured person who has claimed and received old-age benefits according to the preceding two paragraphs should be discharged from this labor insurance.
The insured claim for old-age benefit is not bounded by the regulation of article 30.
On the tenth year after this amendment is promulgated and enforced on July 17, 2008, the age limit for claiming old-age benefit in first paragraph will be increase by one year and then the limit will be raised by one year for every two years until the limit reaches 65 years of age.
An insured person who has received old-age benefits may no longer participate in the labor insurance.
An insured person who has been employed for more than fifteen years in dangerous, physical hard labor or work of special character and is at least fifty-five years of age and resigns could claim for old-age benefit and is not bounded by the regulations in fifth subparagraph of this article and article 58-2.
The meaning of dangerous, physical hard labor or work of special character in the fifth subparagraph of second paragraph and previous paragraph is to be defined by the competent central authority.
Old-age pension benefit will be calculated and chose one based on the most advantageous method of the following:
1.The monthly pension amount is calculated as 0.775% of average monthly insurance salary for each single insurance coverage year plus 3,000 NT dollars.
2.The monthly pension amount is calculated as 1.55% of average monthly insurance salary for each single insurance coverage year.
Insured persons who have conformed with the old-age benefit claiming criteria in first subparagraph of first paragraph and fifth paragraph of article 58 but have postponed in claiming the old-age pension benefit, extra 4% of the pension benefit amount calculated using the method in preceding article will be granted for each year of pension benefit claiming postponement with the upper limit of 20% extra.
An insured person who has more than fifteen years of insurance coverage but doesn't reach the claiming age stipulated in first paragraph and fifth subparagraph of article 58 could claim for old-age pension benefit within five years in advance. However, 4% of the pension benefit amount calculated using the method in preceding article will be deducted for each year of pension benefit claiming advancement with the upper limit of 20% deduction.
An insured person who claims a lump sum old-age benefits payment in accordance with the provisions of subparagraph two of paragraph 1 and paragraph 2 of article 58 shall receive one-month's old-age benefits for each one of his/her insurance coverage years computed on the basis of his/her average monthly insurance salary; in case the insured person's insurance coverage year exceeds fifteen years, the insured person shall receive two-month's old-age benefits for each one of the excess years, provided that the maximum amount of old-age benefits payment shall not exceed forty-five months of insurance salaries.
In case an insured person continues to work after attaining sixty years of age, his/her insurance coverage above that age shall not exceed five years. The maximum benefit payment amount shall not exceed fifty month's insurance salaries including the old-age benefits receivable before he/she attained sixty years of age.