According to recent statistics, about 65% of retired persons in Taiwan have labor pensions of less than NT$20,000 per month. That’s only US$720. That’s less than the average monthly expenses per person in Taiwan.
Some people were asked how much pension they get after retirement? This woman says NT$4,900. Another woman says NT$17,000 and her husband, NT$20,000. But that’s not enough to spend in a month for the nearly 1 million out of 1.5 million retired individuals. Last year, statistics showed that the average monthly expenses for a person in Taiwan was a little more than NT$23,000 (US$829).
Liu Hsiu-ling of the Bureau of Labor Insurance said that one of the reasons for the low pensions is the low number of years of insurance coverage, resulting in low pension rates. Liu said another reason could be that the person took the pension in advance, therefore receiving less than what you could get if you waited until retirement age. She said it could also be that the person started working later in life or held jobs on and off, resulting in a decreased pension rate.
A job bank suggests that people should start saving now, or start early on some form of investment funds, or buy long term care insurance to guarantee a happy retirement.