Retirement

Old Labour Pension Fund

In addition to Labour Insurance, employers are obliged to contribute to the Old Labour Pension Fund but employees do not contribute. Employers have to contribute between 2% and 15% of the employees' gross salary to the fund, which holds a separate reserve account for each participating company. The Old Labour Pension Fund is a defined benefit scheme with lump sum payments; for every year of the first 15 years of service, the equivalent of two months' salary is accumulated. For additional years, the equivalent of one month's salary applies. There is a maximum payment equivalent to 45 months' salary.

To receive benefits, employees must have worked for Winbond for more than 25 years, or they must be 55 and have least 15 years of tenure with the same employer. Or employees must have worked for the same employer for more than 25 years, OR they must be 60 and have least 10 years of tenure with the same employer