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Incentives reintroduced for middle-aged worker employment

Reporter Isabel Wang
Release time:2024/04/12 17:02
Last update time:2024/04/12 17:02
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TAIPEI (TVBS News) — Recent data from Taiwan’s Directorate-General of Budget, Accounting, and Statistics (DGBAS) show the labor force participation rate for individuals aged 55 to 59 was 61% in 2023, compared to 77.19% for those aged 50 to 54, a decline of over 16 percentage points.

Suen Hung-yue, associate professor at the Department of Technology and Human Resources at National Taiwan Normal University, noted, "Those aged 55 and above were born in the 60s during Taiwan's economic golden age, especially in real estate." "Hence, they have better savings, allowing them to retire early," Suen added.

 

"Another reason is the necessity to retire. They often face the need to take care of their elderly parents, making it difficult for them to return to the workforce," Suen further explained, "Not to mention them at the forefront of being asked to leave the job market due to industrial transformation."

In February, the Ministry of Labor (MOL) introduced a new employment incentives subsidy to encourage older workers to re-enter the workforce and address labor shortages.

Individuals over age 45 who legally retired or left the workforce at 55 or older are eligible for a job incentive of NT$30,000 for every consecutive 90 days of employment, up to a maximum of two times, with each person eligible to receive up to NT$60,000.
 

Yang Tsung-pin, spokesperson for Yes 123 job bank, commented, "To some extent, there are concerns about ageism and health conditions. In the white-collar job market, rehiring middle-aged and elderly workers at the same salary level as before their retirement can be challenging."

Despite the Middle-aged and Elderly Employment Promotion Act being in effect for nearly four years, the government's reintroduction of incentives for middle-aged and elderly employment suggests that the workplace environment and employers’ attitudes toward hiring older workers still require further improvement.

 

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#Taiwan#older workers#employment rates#early retirement#labor force#job market#elderly employment#government incentives#industrial transformation#workforce re-entry
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