Employee Benefits in Taiwan, 2022 Update - Key Regulations, Statutory Public and Private Benefits, and Industry Analysis

Employee Benefits in Taiwan, 2022 Update - Key Regulations, Statutory Public and Private Benefits, and Industry Analysis

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 Highlights

• The Ministry of Interior, Ministry of Labor, Energy, and Ministry of Health and Welfare, Bureau of National Health Insurance and Bureau of Labor Insurance are responsible for the functioning of the overall social security system.
• A person’s national insurance contribution is determined based on their income.
• An insured person who is unemployed or unable to work and whose benefits have been exhausted is entitled to credited contribution.
• In the Taiwan, employers provide voluntary retirement benefits to their employees through occupational pension schemes.

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, long-term disability benefits, medical benefits, workmen's compensation insurance, maternity and paternity benefits, unemployment, leaves and holidays 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 the country
• Assess employee benefits of the market, including state and compulsory benefits and private benefits
• Gain insights into the key employee benefit schemes offered by private employers in the country
• Gain insights into key organizations governing employee benefits market, and their impact on companies