Reported about 1 year ago
As of June 18, 2024, the Labor Insurance Fund exceeded one trillion NT dollars for the first time, indicating a significant financial improvement, while the expenditure on labor pensions continues to increase. Due to the aging population and rising global inflation, the labor pension is adjusted annually based on the Consumer Price Index (CPI). To combat inflation, the Labor Standards Act stipulates that when the cumulative growth rate of the CPI reaches 5%, the pension will be increased. The adjustment, ranging from 5.51% to 7.59%, is the highest on record and is estimated to benefit around 850,000 workers, with the increased pension set to be received for the first time on June 27. By the end of 2023, 1.742 million people were receiving labor pensions, with the average monthly amount being 18,000 NT dollars. In recent years, due to inflation, the Labor Insurance Bureau has made significant adjustments to the retirement pensions of laborers.
Source: YAHOO