civil service pension system monthly pension. preface civil service pension system (include laws,...
TRANSCRIPT
![Page 1: Civil Service Pension System Monthly Pension. Preface Civil Service Pension System (Include Laws, Qualifications, and Pensions) Issue Reformation My point](https://reader035.vdocument.in/reader035/viewer/2022071806/56649d8c5503460f94a74631/html5/thumbnails/1.jpg)
Civil Service Pension System
Monthly Pension
![Page 2: Civil Service Pension System Monthly Pension. Preface Civil Service Pension System (Include Laws, Qualifications, and Pensions) Issue Reformation My point](https://reader035.vdocument.in/reader035/viewer/2022071806/56649d8c5503460f94a74631/html5/thumbnails/2.jpg)
Preface
• Civil Service Pension System (Include Laws, Qualifications, and Pensions)
• Issue
• Reformation
• My point of views
![Page 3: Civil Service Pension System Monthly Pension. Preface Civil Service Pension System (Include Laws, Qualifications, and Pensions) Issue Reformation My point](https://reader035.vdocument.in/reader035/viewer/2022071806/56649d8c5503460f94a74631/html5/thumbnails/3.jpg)
Civil Service Pension System
• Laws: • Old Civil Service Retirement Act (CSRA) enacted in the
year of 1943.• New Civil Service Retirement Act (CSRA) enacted in the
year of 1995.
• Qualifications:• At least 25 years of creditable services• At least 5 years of creditable services at the age of 60
or older• Monthly pension requirement: at least at the age of 50
or older. Or, a lump-sum pensions.
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Civil Service Pension System
• Pension:• Monthly Pension: Old CSRA + New CSRA + Interests of
Civil service Insurance• Old CSRA:
– basic pay ×﹝75% + (years of creditable service –15) ÷100 ﹞+ 930
• New CSRA: – years of creditable service × 2% × basic pay × 2
• Interests of Civil service Insurance– (basic pay × 36) × 18% ÷12
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Issue
• An irrational situation—the retiree’s payment is higher than the active one
• This situation happens only on those retirees who have service years covered by both the old and the new systems.
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Issue
• Examples: Grade 7 Senior level 6 served 30 years (old CSRA 17years+ new CSRA 13 years)
• Active: $63,975 NT dollars ($37,915 for basic pay + $21,070 for allowance of specialty + $4,990 for allowance of directing)== 1940 USD
• Retiree:$68,609 NT dollars ($30,125 + $19,716 + $18,768) == 2080 USD
• Ratio: 2080: 1940=107:100
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Reformation
• Restrain the ratio: 85%~ 95%• Equation:• Old CSRA + New CSRA + Interest
---------------------------------------------- = 85%~95%
• basic pay + specialty + directing
• Amendment: 2009?or 2010?
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My point of views
• Pension fund : going to bankrupt(2026)• Budget: burden
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Thank you