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
New Labour Pension Scheme
The New Labour Pension Scheme is a defined contribution system with fully portable individual accounts. Non-ROC employees should join the old pension system if not married with a ROC citizen but given an one-time choice of either staying in the old system or joining the new pension scheme after getting their Alien Permanent Resident Certificate(APRC). Each member of the New Labour Pension Scheme must set up an individual retirement account at the Bureau of Labour Insurance. Employers contribute at least 6% of employees' salaries to employee accounts, and employees can voluntarily contribute up to 6% of their salary. Benefits are paid at the age of 60. If membership has lasted less than 15 years, benefits are paid as a lump sum;
For more details on the comparison to these Old and New pension system, please check this out: here
