Employee Benefits in Taiwan 2021

Employee Benefits in Taiwan 2021

Summary

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, self-employed people who are not covered through an occupational union, and people who are involuntarily unemployed with a minimum of 15 years’ coverage may take voluntary insurance. Social insurance includes national pension insurance and universal health insurance, which is supervised by the Ministry of Health and Welfare. 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. According to the Ministry of Health and Welfare 2019, there were a total of 3,166,258 national insurance-insured persons.

The report provides in-depth industry analysis, information, and insights of the employee benefits in Taiwan, including an overview of the state and compulsory benefits in Taiwan, detailed information about the private benefits in Taiwan, insights on various central institutions responsible for the administration of the different branches of social security and the regulatory framework of the employee benefits in Taiwan.

Key HighlightsTaiwan’s social security system is responsible for improving and protecting the standard of living of the country’s workforce.The branches of this system that cover various risks and provide related benefits are the labor insurance program, the labor pension fund and the national pension program. Private pension benefit schemes come under the third pillar and classified as voluntary group annuity insurance DC plans.Employers also provide private group insurance against risks including death, disability and medical.Scope

This report provides a detailed analysis of employee benefits in Tawian - It offers a detailed analysis of the key government-sponsored employee benefits, along with private benefitsIt covers an exhaustive list of employee benefits, including retirement benefits, death in service, long-term disability benefits, medical benefits, workmen's compensation insurance, maternity and paternity benefits, family benefits, unemployment, long-term care benefits, leave and private benefitsIt highlights the economic and regulatory situations relating to employee benefits in TaiwanReasons to BuyMake 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.