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May 29, 2017

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Premium rates of farmers may rise: interior minister

The China Post news staff--Interior Minister Lee Hong-yuan yesterday said that the ministry had reported to the Cabinet in June that the premium rate of farmers' insurance and National Pension should rise to accommodate the deficits of these insurances.

The Ministry of the Interior (MOI) had proposed raising the farmers' insurance premium rate to 3 percent and National Pension premium rate to 12 percent, but the minister stated that it is not the right time to adjust the rates. The minister said that the Executive Yuan will conduct a review of all insurance policies.

Kuomintang Legislator Chiang Chi-chen criticized the move, saying that there are still a lot of people not paying the National Pension premium. He urged the MOI to propose plans to fix the problem.

According to the MOI report, if the National Pension premium rate can be raised by 0.5 percent every two years as stipulated in law, the pension will be financially solvent by the end of 2050

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