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Some 102,000 Retired in Taiwan in 2013 to Exceed 100,000 the First Time

2014/10/28 | By Judy Li

Some 102,000 people retired in Taiwan in 2013 to exceed 100,000 for the first time, exceeding the peak of 97,000 in 2008 when the global financial tsunami occurred, according to a survey by Taiwan's Directorate General of Budget, Accounting and Statistics (DGBAS).

C. S. Huang, director of DGBAS' Department of Census, indicates that over 80% of last year's retirees were 65-and-below, with 58.1% aged 55-64 and 27.8% 45-54. The retirement age averaged  57.4 years, younger than that of neighboring Japan and South Korea.

To reduce operational cost, Huang says that many enterprises on the island have in recent years been offering incentives to encourage retirement, for salary rises with seniority and more money has to be set aside to pay for labor insurance, national health and pension.

In 2010 the number of retirees exceeded 50,000, then rose to over 60,000 a year later, to exceed 90,000 by 2012, and 102,000 in 2013.

Last year Taiwan's employees averaged 39.3 years old, the highest of its kind ever recorded and up 0.3 year from a year earlier, with employees 45-and-older accounting for 30% of the total employed, and civil servants and mining industry workers averaging 45 and older. (JL)