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Employee Benefits in Taiwan

  • February 2015
  • -
  • Timetric
  • -
  • 55 pages

Synopsis
The Taiwanese social security system ensures that it meets all the social requirements of the country’s employees that are engaged in trade and commerce, or are employees of private and public sector companies. Persons working in mines and plantations, fishermen and some self-employed persons are also protected through social security. Under the labor insurance program, voluntary insurance may be taken by self-employed people who are not covered through an occupational union, and people who are involuntarily unemployed with a minimum of 15 years’ coverage. The Taiwanese government makes sure that the Taiwan Labor Standard Law (TLSL) and Labor Pension Act (LPA) protect the rights of citizens. The pension policy, which was implemented in 2008, has led to wider coverage of the population and increased efficiency.

Summary
The report provides in-depth industry analysis, information and insights into employee benefits in Taiwan, including:

- An overview of state and compulsory benefits in Taiwan

- Detailed information about private benefits in Taiwan

- Insights on various central institutions responsible for the administration of the different branches of social security

- The regulatory framework of employee benefits in Taiwan

Scope
This report provides a detailed analysis of employee benefits in Taiwan:

- It offers a detailed analysis of the key government-sponsored employee benefits, along with private benefits

- It covers an exhaustive list of employee benefits, including retirement benefits , death in service benefits, long-term disability benefits, short-term sickness benefits, medical benefits, workmen’s compensation, maternity benefits, family benefits, leaves, unemployment and private benefits

- It highlights the economic and regulatory situations relating to employee benefits in Taiwan

Reasons To Buy
- Make strategic decisions using in-depth information related to employee benefits in Taiwan

- Assess Taiwan’s employee benefits market, including state and compulsory benefits and private benefits

- Gain insights into the key employee benefit schemes offered by private employers in Taiwan

- Gain insights into key organizations governing Taiwan’s employee benefits, and their impact on companies

Key Highlights
- Taiwan’s social security system is responsible for improving and protecting the standard of living of the country’s workforce.

- All employees between the ages of 15–60 years are eligible for social security if they are employed in organizations with more than five employees. The social insurance system comprises two types of benefits – flat-rate benefits and income-related benefits – while the national pension program provides flat-rate benefits and the labor insurance program provides income-related benefits.

- There is a provision of voluntary occupational retirement in Taiwan, which is based on TLSL and LPA.

Table Of Contents

Employee Benefits in Taiwan
Table of Contents
1 Executive Summary
2 Introduction
2.1 What is this Report About?
2.2 Definitions
3 Country Statistics
4 Overview of Employee Benefits in Taiwan
5 Regulations
6 State and Compulsory Benefits
6.1 Retirement Benefits
6.1.1 Introduction
6.1.2 Types of retirement plan
6.1.3 Eligibility
6.1.4 Age
6.1.5 Benefits
6.1.6 Payment options
6.1.7 Typical employer practice
6.1.8 Employee and employer contributions
6.1.9 Taxation
6.2 Death in Service
6.2.1 Introduction
6.2.2 Eligibility
6.2.3 Benefits
6.2.4 Payment options
6.2.5 Typical employer practice
6.2.6 Employee and employer contributions
6.2.7 Taxation
6.3 Long-term Disability Benefits
6.3.1 Introduction
6.3.2 Eligibility
6.3.3 Benefits
6.3.4 Payment options
6.3.5 Employee and employer contributions
6.3.6 Taxation
6.4 Short-Term Sickness Benefits
6.4.1 Introduction
6.4.2 Eligibility
6.4.3 Benefits
6.4.4 Typical employer practice
6.4.5 Employee and employer contributions
6.4.6 Taxation
6.5 Medical Benefits
6.5.1 Introduction
6.5.2 Eligibility
6.5.3 Benefits
6.5.4 Typical employer practice
6.5.5 Employee and employer contributions
6.6 Workmen's Compensation
6.6.1 Introduction
6.6.2 Eligibility
6.6.3 Benefits
6.6.4 Payment options
6.6.5 Employee and employer contributions
6.6.6 Taxation
6.7 Maternity Benefits
6.7.1 Introduction
6.7.2 Eligibility
6.7.3 Benefits
6.7.4 Payment options
6.7.5 Employee and employer contributions
6.7.6 Taxation
6.8 Leaves
6.8.1 Introduction
6.8.2 National holidays
6.8.3 Seasonal holidays
6.8.4 Observance holidays
6.9 Unemployment
6.9.1 Introduction
6.9.2 Eligibility
6.9.3 Benefits
6.9.4 Payment options
6.9.5 Employee and employer contributions
6.9.6 Taxation
7 Private Benefits
7.1 Retirement Benefits
7.2 Death Benefits
7.3 Sickness Benefits
7.4 Medical and Health Benefits
7.5 Other Benefits
8 Macroeconomic Indicators
8.1 Economic Performance
8.1.1 GDP at constant prices (US$)
8.1.2 GDP per capita at constant prices (US$)
8.1.3 GDP at current prices (US$)
8.1.4 GDP per capita at current prices (US$)
8.1.5 GDP by key sectors
8.1.6 Inflation rate
8.1.7 Annual average exchange rate US$-TWD
8.1.8 Unemployment rate
8.1.9 Household consumption expenditure
8.1.10 Demographics
8.1.11 Total population
8.1.12 Labor force
9 Appendix
9.1 Methodology
9.2 Contact Timetric
9.3 About Timetric
9.4 Timetric's Services
9.5 Disclaimer

List of Tables
Table 1: Definitions
Table 2: Taiwan - Country Statistics, 2014
Table 3: Death in Service - Lump Sum Benefit
Table 4: Leave: National Holidays (2014)
Table 5: Leave: Observance (2014)
Table 6: Private Benefits: Basic Medical Plan

List of Figures
Figure 1: Main Institutions of the Taiwan Social Security System
Figure 2: Taiwanese GDP at Constant Prices (US$ Billion), 2009-2013
Figure 3: Taiwanese GDP Per Capita at Constant Prices (US$), 2009-2013
Figure 4: Taiwanese GDP at Current Prices (US$ Billion), 2009-2013
Figure 5: Taiwanese GDP Per Capita at Current Prices (US$), 2009-2013
Figure 6: Taiwanese GDP by Key Segments (%), 2008-2012
Figure 7: Taiwanese Inflation Rate (%), 2009-2013
Figure 8: Taiwanese Annual Average Exchange Rate US$-TWD, 2009-2013
Figure 9: Taiwanese Unemployment Rate (%), 2009-2013
Figure 10: Taiwanese Household Consumption Expenditure (US$ Billion), 2009-2013
Figure 11: Taiwanese Total Population (Million), 2009-2013
Figure 12: Taiwanese Size of Labor Force (Million), 2009-2013

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