August 2017
The Ministry of Labor revised relevant rules to specifically require that annuity insurance shall stipulate the manners in which workers receive annuity payout(Taiwan)
2017.01.05
Tiffany Wu
On January 5, 2017, the Ministry of Labor amended Articles 2, 12-1, 32, 34 and 44 of the Enforcement Rules of the Labor Pension Act, deleted Article 48 via the Lao-Dong-Fu-3-1050136597 Directive and amended Article 42 of the Regulations for the Implementation of Annuity Insurance under the Labor Pension Act via the Lao-Dong-Fu-3-1050136605. The highlight of these amendments lies in the specific requirement that annuity insurance shall stipulate the manners in which workers receive annuity payout.
To accommodate the amendment to Article 24, Paragraph 1, Subparagraph 1 of the Labor Pension Act, workers who have reached the age of 60 and have worked for over 15 years may choose a monthly pension payout or lump sum pension payout.
To accommodate Article 42 of the Regulations for the Implementation of Annuity Insurance under the Labor Pension Act as amended, an amended annuity insurance contract shall stipulate the manners in which workers receive annuity payout. In addition, Article 12-1 of the Enforcement Rules of the Labor Pension Act as amended contains the adjusted requirement that for those who choose to receive a monthly pension payout, the cumulative amounts in their dedicated pension accounts shall be paid pursuant to calculations under Article 23, Paragraph 1, Subparagraph 1 of the statute.
In addition, since Article 53, Paragraph 1 of the Labor Pension Act has deleted the provision concerning the collection of overdue penalties imposed on a monthly basis, such provision is also deleted from the amendments to the Enforcement Rules of the Labor Pension Act by the Ministry of Labor. In addition, the names and responsibilities of relevant organizations are adjusted to accommodate the organizational re-structuring by the Executive Yuan.
Tiffany Wu
On January 5, 2017, the Ministry of Labor amended Articles 2, 12-1, 32, 34 and 44 of the Enforcement Rules of the Labor Pension Act, deleted Article 48 via the Lao-Dong-Fu-3-1050136597 Directive and amended Article 42 of the Regulations for the Implementation of Annuity Insurance under the Labor Pension Act via the Lao-Dong-Fu-3-1050136605. The highlight of these amendments lies in the specific requirement that annuity insurance shall stipulate the manners in which workers receive annuity payout.
To accommodate the amendment to Article 24, Paragraph 1, Subparagraph 1 of the Labor Pension Act, workers who have reached the age of 60 and have worked for over 15 years may choose a monthly pension payout or lump sum pension payout.
To accommodate Article 42 of the Regulations for the Implementation of Annuity Insurance under the Labor Pension Act as amended, an amended annuity insurance contract shall stipulate the manners in which workers receive annuity payout. In addition, Article 12-1 of the Enforcement Rules of the Labor Pension Act as amended contains the adjusted requirement that for those who choose to receive a monthly pension payout, the cumulative amounts in their dedicated pension accounts shall be paid pursuant to calculations under Article 23, Paragraph 1, Subparagraph 1 of the statute.
In addition, since Article 53, Paragraph 1 of the Labor Pension Act has deleted the provision concerning the collection of overdue penalties imposed on a monthly basis, such provision is also deleted from the amendments to the Enforcement Rules of the Labor Pension Act by the Ministry of Labor. In addition, the names and responsibilities of relevant organizations are adjusted to accommodate the organizational re-structuring by the Executive Yuan.
