Preferential tax treatment
In the case of income tax or inhabitant tax, the rates of taxes are determined depending on the amount of taxable income without several deductions. Farmers can deduce all the contributions for the FPS as well as those for the National Pension System. Not...
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2014.10.22
5,916
Takayuki KIMURA
Ministry of Agriculture, Forestry and Fisheries, Japan
Akihiko HIRASAWA
Norinchukin Research Institute Co., Ltd.
The Farmer’s Pension System (FPS) in Japan is a public pension system which provides the additional pension on top of the National...
2016.03.16
5,027
Operation of pension fund
The pension fund for farmers who are paying contributions or waiting for the inception of benefits after they turn 60 years old is operated in the “Insured Person Account.” In this account, the fund is invested not only to domestic bonds and stocks,...
The Executive Yuan yesterday unveiled a bill for a proposed farmers’ pension fund, which, if passed by the Legislative Yuan, could raise farmers’ monthly pension payments to NT$26,000.
The system would be based on the labor pension model, meaning that farmers and the government would allocate an equal amount of money into a dedicated fund every month, Department of Farmers’ Service Director-General Chen Chun-yen (陳俊言) told a news conference in Taipei.
The proposal was born from President Tsai Ing-wen’s (蔡英文) policy to better protect farmers and out of discussions at the National Agricultural Conference to improve the financial security of retired farmers, he said.
Under the proposed system, farmers would deposit between NT$238 and NT$1,428, or 1 to 6 percent of the minimum monthly wage, in a dedicated account every month, and the Council of Agriculture would make a matching deposit, he said.
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