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Taiwan boosts job market with incentives for retirees

Reporter TVBS News Staff
Release time:2024/02/17 17:08
Last update time:2024/02/17 17:08
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Taiwan boosts job market with incentives for retirees (TVBS News) Taiwan boosts job market with incentives for retirees
Taiwan boosts job market with incentives for retirees (TVBS News)

TAIPEI (TVBS News) — The Ministry of Labor unveiled a new employment incentive measure on Saturday (Feb. 17) aimed at enticing retirees over the age of 45 and those above 55 who have left their jobs to reenter the job market.

Workers who maintain continuous employment for 90 days under the new measure will be eligible for a reward of NT$30,000. Each person is entitled to a maximum of two such incentives, totaling a reward of up to NT$60,000.

The initiative was announced against the backdrop of December statistics from the Directorate-General of Budget, Accounting and Statistics that show a participation rate of 61.78% for workers aged 55 to 59 years. This rate is 15.9 points lower than the rate for those aged 50 to 54, marking a significant drop-off in employment participation among the over-55 age group.

 

Moreover, compared to international standards, Taiwan's labor participation rate lags behind. The employment rate for the age group of 55 to 59 years was 59.6% in 2022 (Taiwan's calendar year 111), which pales in comparison to the United States (73.1%), Japan (78%), and South Korea (76.4%). This indicates there's considerable room for improvement in terms of labor force participation of Taiwan's population aged over 55.

Taiwan Affairs

#Employment incentive# Retirees# Job market reentry# Labor participation# Employability# Taiwan labor# Employment statistics# New employment incentive measure for retirees aged over 45# Labor participation rate drop-off among workers aged over 55
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