Speedtech
Retirement System

Retirement System

The specific content and implementation of the employee pension system:

Pension System

Old System

New System

Applicable Source of law

Labor Standards Act

Labour Pension Regulations

How to Withdraw

2% of the employee’s total monthly salary will be withdrawn and deposited into the company’s special account in the Bank of Taiwan

According to the employee’s insurance level 6% will be allocated to the personal account of the Kabor Insurance Bureau

Amount to be allocated

the amount of the special account for labor retirement reserves is NT $38,681,000

In 2011, NT $11,371,000 was allocated.

  1. Old system pension measures: The Company has formulated labor retirement measures in accordance with the law, and has established a labor retirement reserve supervision committee. According to regulations, the old system retirement reserves are deposited into the trust account of the Bank of Taiwan to protect the rights and interests of employees. The current retirement reserve has reached the present value of the total amount of retirement pensions that all labors meet the requirements for retirement in the future. In accordance with the regulations on the provision and management of labors retirement reserves, the competent authority shall apply for suspension of appropriation.
  2. New pension system: After the Labor Pension Regulations (New Labor Retirement System) came into effect on July 1, 1994, the Company adopted a new pension system in parallel, and paid 6% of labor wages to the employee’s individual pension account. If there is a voluntary contribution to the retirement pension, the voluntary contribution rate will be withheld from the employee’s monthly salary to the individual retirement pension account of the Labor Insurance Bureau.
  3. The applicable regulations for retirement of the Company are as follows:
    1. A labor who has one of the following circumstances may apply for retirement:
      1. Those who have worked for more than 15 years and have reached the age of 55.
      2. Those who have worked for more than 25 years.
      3. iii. Those who have worked for more than 10 years and have reached the age of 60.
    2. The employer shall not compel a labor to retire unless he or she meets any of the following circumstances:
      1. over 65 years old.
      2. Physically and mentally challenged laborers.
      3. The stipulated age may be adjusted by the business unit to the central competent authority for those who are employed as labors with special characteristics such as danger and strong physical strength. But not less than 55 years old.
    3. Pension payment standard:
      1. The old system pension is given two bases for each full year according to the employee’s working years. However, for those who have worked for more than 15 years, a base will be given for each full year, and the maximum total is limited to 45 bases. If it is less than half a year, it will be counted as half a year; if it has completed half a year, it will be counted as one year. The calculation of the pension base is based on the average salary for the six months prior to the approved retirement. For employees who are forced to retire, if their physical and mental disabilities are caused by the performance of their duties, 20% shall be added according to the provisions of the preceding paragraph.
      2. For employees who are subject to the new pension regulations of the Labor Pension Act, the Company will contribute 6% of their wages to the employee’s individual pension account on a monthly basis.
      3. Payment of pension: The Company shall pay the pension to the employee, which shall be paid within 30 days from the date of the employee’s retirement.