Draft amendments to the pension system for military personnel would emulate the US military’s retirement program, the Presidential Office’s Pension Reform Committee said yesterday.
After discussions with the Ministry of National Defense, the committee has decided that military personnel would have a higher income replacement ratio for their pensions than civil servants and teachers, the committee said.
The proposed pension program would emulate the “Final Pay” retirement system used by the US military, which would multiply final monthly base pay by 2.5 percent for every year of service, the committee said.
Photo: Chang Yi-chen, Taipei Times
Personnel who have served 20 years in the armed forces would be entitled to 50 percent of their base pay, while those who have served 40 years would receive 100 percent of their base pay, it said.
Committee members said military personnel would not receive special treatment and would be treated the same as civil servants and teachers in terms of the 18 percent preferential savings rate.
The 18 percent preferential interest rate is to be phased out in six years, in accordance with amendments passed in June to the Act Governing Civil Servants’ Retirement, Discharge and Pensions (公務人員退休資遣撫卹法), the Act Governing the Retirement of Public-School Teachers and Employees (公立學校教職員退休資遣撫卹條例) and the Act Governing the Recompense for the Discharge of Special Political Appointees (政務人員退職撫卹條例).
On July 1 next year, the 18 percent preferential savings rate would initially be decreased to 9 percent before it is phased out completely by Jan. 1, 2021.
The draft amendments have received tacit consent from the president and the final version would be sent to the Legislative Yuan after the ministry makes final adjustments to plans for active personnel with secondary skill sets, the committee said.
The committee said it is satisfied with the Vocational Assistance Commission for Retired Servicemen’s plans to help with the education of retired personnel.
The planning phase of the amendments has been completed and it would not be difficult for the drafts to be considered by the Legislative Yuan before the end of the year, committee members said, adding that emulating the US retirement system would provide a generous pension plan for retired military personnel.
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