Labor pension payments raised due to CPI growth
June 18, 2014, 12:00 am TWN
TAIPEI--A hike of 5.2 percent that took effect in May has been made to the labor pension payment system in Taiwan, owing to an accumulated growth of at least 5 percent in the consumer price index (CPI) since 2009, the the Ministry of Labor announced Tuesday.
Those who became eligible for the annuity insurance payment in 2009 — the year the annuity-based labor pension system was introduced — are the beneficiaries of the adjustment because the CPI has increased 5.2 percent since that year, the ministry's Bureau of Labor Insurance said.
The criterion for upward adjustment is reached when the CPI growth increases by 5 percent, it noted.
Those who applied for their pension payments in 2010 or later will not receive an increase because the accumulated CPI growth since that time remains under the 5 percent mark, the bureau added.
Around 68,900 labor pension recipients will enjoy the annuity hike, which represents an average increase per head of NT$675 (US$22.50) per month, it said.