Central News Agency (CNA) Taipei, July 2, 2023 - Laborers under the old pension system will be able to voluntarily contribute to their retirement funds in the future. With mutual agreement between labor and management, they can also settle their old pension funds early and transfer them to a new system account. The Ministry of Labor emphasized today that this will not affect their original seniority or paid leave, and voluntary contributions are tax-exempt, making it a win-win policy. In Taiwan, employed laborers receive two types of retirement benefits after retirement: old-age benefits from labor insurance, and either old or new labor pension funds. Currently, there are still 115,000 native laborers solely under the old system. Their pension is calculated based on their years of service: two base units (monthly salary at retirement) for each full year of work, with a maximum of 45 base units for service exceeding 15 years. Since old pension system laborers' pensions stop accumulating even if they continue working after reaching their years of service requirement, the Executive Yuan today approved the "Voluntary Contribution and Early Settlement of Retirement Funds Plan for Pure Old Pension System Laborers." This plan allows pure old pension system laborers to voluntarily contribute to their retirement funds. Furthermore, pure old pension system laborers who meet the retirement requirements can, with mutual agreement between labor and management, settle their old pension funds early into their new system account during the contract period, allowing participation in the investment and management of the new system fund. Huang Wei-chen, Director of the Department of Labor Welfare and Retirement Benefits at the Ministry of Labor, stated at a press conference today that the biggest advantages of the new pension system are "principal protection, interest protection, and guaranteed returns." Allowing pure old pension system laborers to make voluntary contributions and set