What are the statutory pension benefits in Taiwan, Republic of China?

In Taiwan, the statutory pension benefits are governed by the Labor Pension Act (LPA) under the New Pension Scheme, which is a defined contribution pension program. The key aspects of the pension benefits are as follows:

• Eligibility extends to all Taiwanese citizens, foreign spouses (including those from China), and foreigners with permanent residence.
• Employers are required to contribute a statutory labor pension, which is set at a minimum of 6% of the employee's labor insurance grade.
• Employees have the option to voluntarily contribute to their own pension account. This voluntary contribution can range from 1% to 6% of the employee's labor insurance grade and is a non-taxable item for the employee.