Retiring at 65: National Pension or Farmers' Pension? - 1

Many people don't participate in labor insurance, civil servant insurance, or military insurance, and when it comes to retirement funds, they hesitate between choosing 'Farmers' Pension (Farmers' Health Insurance)' or 'National Pension (National Pension Insurance)'. Both have significant differences in monthly premium expenses, benefit items, and retirement security after age 65. Which insurance system is more cost-effective? In response, the Bureau of Labor Insurance has compiled a comparison of the differences between the Farmers' Pension and National Pension systems, the eligibility restrictions for the old farmer's allowance, and a simplified guide to estimating the National Pension's old-age pension, all in one place! Farmers' Pension vs. National Pension: A Key Comparison of Premiums and Benefit Items The Farmers' Pension and National Pension belong to different social insurance systems, so you cannot enroll in both simultaneously, and insurance years cannot be combined. If a farmer decides to switch to the National Pension after evaluation, they must first apply to withdraw from the Farmers' Pension. After the Bureau of Labor Insurance verifies their eligibility for the National Pension, they will be automatically enrolled. 1. Premium Burden Farmers' Pension: The insured person only bears 30% of the premium, with the remaining 70% heavily subsidized by the government, making the monthly premium burden very low. National Pension: The monthly self-paid premium for a general insured person is approximately 1,329 NTD (low-income households, lower-middle-income households, individuals whose income does not reach a certain standard, or those with disabilities may receive additional government subsidies), making the premium relatively higher. 2. Benefit Items and Coverage Type Farmers' Pension: Only provides lump-sum benefits (including maternity benefits, disability benefits, and funeral allowances). If eligible, you can apply to receive the monthly 'old farmer's allowance' at age 65.