Coming to the new year, the Ministry of Labour (MOL) is targeting retirees with a cash subsidy programme beginning in January to lure them back to the workforce to address a labour shortage problem.
According to the subsidy programme, those who are 55 and over and have either retired or been unemployed for six consecutive months can qualify for a NT$30,000 (US$960) cash subsidy as long as they can prove stable employment for three consecutive months, per UDN.
Should they continue working beyond a predetermined period, employees can qualify for another subsidy of NT$30,000.
The total payout for retirees or long-term unemployed individuals over the age of 55 is capped at NT$60,000.
The MOL hopes to entice 100,000 retirees to rejoin the workforce through this subsidy program.
The new programme complements an existing subsidy plan for employers who hire middle-aged individuals (45–64) and seniors (65 and older) should they be employed for more than three months.
Under the existing programme, the government provides monthly subsidies between NT$13,000 and NT$15,000 for up to 12 months.
Beginning next year, both programs for employers and employees will be paired together.
At the moment, the MOL also subsidises employers who assist workers aged 64 who are preparing for retirement or re-entry into the workforce.
Starting in 2024, this programme will be extended to workers over 55 with employers receiving subsidies up to NT$500,000 per year.
With these programmes, the MOL intends to increase the labour participation rate of seniors and middle-aged individuals.
The MOL also plans to work with public employment centres to encourage businesses to welcome older workers back into the workforce.
The post Taiwan’s labour ministry to lure retirees back to work with subsidies appeared first on HR ASIA.
