TAIPEI (Taiwan News) — The Ministry of Labor (MOL) is targeting retirees with a cash subsidy program beginning January 2024 to lure them back to the workforce to address a labor shortage problem.
According to the subsidy program, those who are 55 and over and have either retired or been unemployed for six consecutive months can qualify for a NT$30,000 (US$960) cash subsidy as long as they can prove stable employment for three consecutive months, per UDN.
Should they continue working beyond a predetermined period, employees can qualify for another subsidy of NT$30,000. The total payout for retirees or long-term unemployed individuals over the age of 55 is capped at NT$60,000.
The MOL hopes to entice 100,000 retirees to rejoin the workforce through this subsidy program. The new program complements an existing subsidy plan for employers who hire middle-aged individuals (45–64) and seniors (65 and older) should they be employed for more than three months.
Under the existing program, the government provides monthly subsidies between NT$13,000 and NT$15,000 for up to 12 months. Beginning next year, both programs for employers and employees will be paired together.
At the moment, the MOL also subsidizes employers who assist workers aged 64 who are preparing for retirement or reentry into the workforce. Starting in 2024, this program will be extended to workers over 55 with employers receiving subsidies up to NT$500,000 per year.
With these programs, the MOL intends to increase the labor participation rate of seniors and middle-aged individuals. The MOL also plans to work with public employment centers to encourage businesses to welcome older workers back into the workforce.
