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Laborers in Taiwan aim to retire at an average age of 61.3

Majority of Taiwan's working class will rely on labor insurance pensions after retirement

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Laborers in Taiwan aim to retire at an average age of 61.3

(CNA photo)

TAIPEI (Taiwan News) — Laborers in Taiwan aim to retire at an average age of 61.3, and most of them will depend on their labor insurance pension to support themselves after retiring, according to a survey recently conducted by the Ministry of Labor (MOL).

The MOL received 4,130 valid responses from the working class regarding questions about work conditions and career planning in 2021.

The ministry issued a press release on Wednesday (Feb. 23) to announce the results of the wide-ranging survey. With regard to planning for retired life, the respondents plan to retire at an average age of 61.3, which is 0.3 years earlier compared to the 2020 survey.

Meanwhile, 49.8% plan to retire at an age over 61.

Among the respondents, male laborers expect to retire at an average age of 61.8, while female counterparts intend to retire at an average age of 60.8, one year earlier than their male counterparts.

When asked about financial support after retirement, 69.4% of the respondents said they will rely on mostly labor insurance pensions, followed by savings at 68%, and investment income at 49.5%.