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Retirement
To ensure a stable retirement life for our employees, the company follows the Labor Pension Act to establish an employee retirement pension plan. Since July 1, 2005, the company has adopted the government’s new retirement system. According to the new system, 6% of an employee's monthly salary is contributed to their individual pension account with the Labor Insurance Bureau. Employees who voluntarily contribute to their retirement pension can also have additional voluntary contributions deducted from their monthly salary, which will be deposited into their personal pension account. Subsidiaries are required to comply with the local laws of their respective countries regarding retirement benefits and record them as annual expenses.
Our company’s retirement system follows the provisions of the Labor Pension Act as outlined below:
Eligibility for Retirement
Employees may apply for retirement if they meet one of the following conditions:
Mandatory Retirement
Employees may be required to retire under the following conditions:
Retirement Pension Calculation Standards
In accordance with the implementation of the Labor Pension Act (effective July 1, 2005), the retirement pension calculation standards are as follows:
Retirement System and Implementation Status
Our company’s retirement system follows the provisions of the Labor Pension Act as outlined below:
Eligibility for Retirement
Employees may apply for retirement if they meet one of the following conditions:
- Have at least 15 years of service and are 55 years of age or older.
- Have at least 25 years of service.
- Have at least 10 years of service and are 60 years of age or older.
Mandatory Retirement
Employees may be required to retire under the following conditions:
- Are 65 years of age or older.
- Are physically or mentally incapable of performing their duties.
- For employees in positions requiring dangerous, strenuous, or physically demanding work, the company may apply for an exemption to adjust the retirement age with approval from the central competent authority. However, the adjusted age must not be less than 55 years old.
Retirement Pension Calculation Standards
In accordance with the implementation of the Labor Pension Act (effective July 1, 2005), the retirement pension calculation standards are as follows:
- Old System Retirement Calculation Standards:
- Work years before July 31, 1984, are calculated based on the “Taiwan Province Factory Workers Retirement Regulations.” The pension is calculated based on the average wage of the last 3 months before retirement.Work years after August 1, 1984, are calculated according to Article 55 of the Labor Standards Act. The pension is based on the average wage of the last 6 months before retirement. However, the total number of base years is capped at 45 years.According to the Labor Standards Act, 4% of the monthly salary is contributed to the retirement fund and saved in the Taiwan Bank pension account.
- Special Pension Calculation for Employees with Occupational Injury:If a full-time employee is forced to retire due to job-related mental or physical impairment, an additional 20% of the retirement pension will be paid based on the aforementioned pension calculation.
- New System Retirement Calculation:
- For employees under the new system, the company contributes 6% of their monthly salary to their individual retirement pension account.
Retirement System and Implementation Status
- All employees of the company are covered by the provisions of the Labor Pension Act. The company contributes 6% of each employee's monthly salary to their individual retirement pension account.
- Additionally, subsidiaries are required to comply with the relevant retirement benefit laws of their respective countries, and such contributions are recognized as expenses for the current fiscal year.
