The nation’s labor insurance premium rate is to rise to 12.5 percent beginning next year, the Ministry of Labor said.
An estimated 10.51 million workers would be affected by the increased insurance premium, which is currently set at 12 percent of the insured party’s monthly salary.
The hike is part of a gradual increase in premiums introduced in tandem with the launch of the labor pension program in 2009.
Photo: Lee Ching-hui, Taipei Times
Under Article 13 of the Labor Insurance Act (勞工保險條例), the premium rate began at 7.5 percent. It was raised to 8 percent in the third year of the program, then by 0.5 percentage points each year until it reached 10 percent, after which the adjustment would be carried out every two years until it reaches a cap of 13 percent.
The most recent adjustment was made in January last year, when the insurance premium was raised from 11.5 percent to 12 percent.
In Taiwan, the insurance premium is shared between the employer, employee and government at a ratio of 7:2:1.
Citing a worker with a monthly salary of NT$28,590 as an example, the ministry said the employer would need to pay NT$2,502 of the insurance bill based on next year’s rate of 12.5 percent, while the employee and the government would pay NT$715 and NT$358 respectively.
The hike next year is expected to help boost the government’s labor insurance funds, with an annual increase of over NT$20 billion (US$609.32 million) in additional income.
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