The Bureau of Labor Insurance reminds that from November 1 to November 30 is the last open period this year for adjusting the farmer retirement reserve contribution ratio. Farmers (fishers) may take this opportunity to review their financial situation and flexibly raise their ratio, and make good use of the new system benefit with the government contribution share raised to 60%. The new adjusted ratio is expected to take effect on December 1. If this November application period is missed, the next adjustment must wait until May of Year 116.
1% to 10% Contribution Ratio by Personal Choice
The Bureau of Labor Insurance states that farmers (fishers) may, based on their financial ability, choose their farmer retirement reserve contribution ratio within 1% to 10% of the minimum wage; the higher the ratio, the more saved. After the amendment to the Farmer Retirement Reserve Act took effect this year, the government contribution share has been raised from 50% to 60%, that is, farmers bear 40% and the government bears 60%. Therefore, if farmers (fishers) raise their contribution ratio, not only will their personal retirement savings increase, the government's matching subsidy will also increase accordingly.
Calculation Based on Minimum Wage of 29,500
Taking the minimum wage of 29,500 as an example, assuming a 5% contribution before adjustment, the total contribution amount is 2,950, with the farmer paying 1,180 per month and the government subsidizing an additional 1,770. If an application is filed in November to raise it to 10% after adjustment, effective December 1, the total contribution amount will be 5,900, with the farmer paying 2,360 per month and the government subsidizing an additional 3,540. In terms of the bonus effect, by paying an additional 1,180 per month, the farmer can increase the government's monthly injection into the special account from 1,770 to 3,540, an increase of 1,770, with a total of 5,900 steadily deposited into the retirement account each month.
Online System Available for Inquiry and Trial Calculation
The Bureau of Labor Insurance adds that to find out the current contribution ratio, how much has accumulated in the personal account, or how much retirement reserve can be received in the future after raising the contribution ratio, in addition to visiting the insured farmers' (fishers') association in person, inquiries can also be made at any time through the Bureau of Labor Insurance e-service system. In addition, the Bureau of Labor Insurance website also provides a convenient trial calculation tool. Please make good use of it to calculate first, then plan, and decide whether to file an adjustment application in November after reviewing your own needs.