Ensuring high quality of life for agricultural workers is key to growing the sector, promoting balanced regional development and stabilising Taiwan’s rural society, the president said.
To this end, the government has promulgated bills providing expanded insurance coverage for crop losses due to natural disasters and operational difficulties, as well as health insurance and occupational hazard benefits specifically designed for farmers, she added.
The president made the remarks while attending an event marking the official launch of Taiwan’s agricultural pension system in the southern city of Kaohsiung.
According to Tsai, payments from the system—along with special subsidies for farmers who continue working past age 65—will increase income for retired individuals while offering additional incentives for younger generations to join the agricultural sector, thus ensuring the continued development of the essential segment of Taiwan’s economy.
Under the new scheme designed by the Cabinet-level Council of Agriculture, participating farmers can make monthly contributions ranging from one to 10 per cent of Taiwan’s minimum wage until they reach 65 years of age, with all payments to retirement accounts matched by the government.
Including the NT$7,550 (US$260) subsidy for elderly farmers, which will be adjusted every four years based on the consumer price index, an individual contributing the maximum amount for 35 years will receive a monthly retirement income of NT$37,000, the COA said.
This story was originally published by Taiwan Today under a Creative Commons’ License and was republished with permission.
