Laws and Regulations Database of the Central Bank of the Republic of China(Taiwan)

Chapter 5　　Retirement, Indemnity and Severance

Article 32
Bank officers who have served at the Bank for five years or longer, and have 
any of the following circumstances may be approved for voluntary retirement:
1. Having reached the age of 60. 
2. Having served for 25 years or longer.

Bank officers who have served at the Bank for fifteen years or longer, and have any
 of the following circumstances may be approved for voluntary retirement:
1. The officer has been issued a certificate by a hospital assessed and accredited 
　 by the central competent health authority (referred to as "accredited hospital" 
　 hereunder) stating that the person concerned meets the criteria for being classified 
　 as "partially disabled" set out in the Civil Servant and School Staff Insurance 
　 Disability Benefit Standards (referred to as “Civil Service Disability Benefit 
　 Standards” hereunder) or has been assessed as “severe” or higher based on the 
　 severity levels of physical/mental disabilities set out by the central competent 
　 health authority.
2. The officer has a terminal-stage malignant tumor or is a terminal illness patient 
　 as defined in Subparagraph 2, Article 3 of the Hospice Palliative Care Act, and 
　 has provided a certificate therefor issued by an accredited hospital.
3. The officer has a certificate issued by a responsible authority stating that the 
　 person concerned has a permanent catastrophic illness or injury in accordance with
　 the National Health Insurance System, and has been determined by the Bank to be 
　 incapable of performing his/her core duties, and incapable of undertaking other 
　 comparable works.
4. The officer meets the statutory criteria for being classified as having a physical
　 or mental disability, and has undergone individual work capacity assessment by 
　 specialists pursuant to Article 54-1 of the Labor Insurance Act and been issued a 
　 certificate stating that he/she is permanently incapable of any work.

Article 33
Bank officers who have served at the Bank for five years or longer and have reached 
the age of 65 should apply for mandatory retirement, unless this Act stipulates 
otherwise term of service for the officer’s position. 

With regard to the age requirement set forth in the preceding Paragraph, the Bank
may draw up standards for graded minimum retirement age in consideration of the 
nature of respective positions and jobs and responsibilities to enable early 
retirement. However the minimum retirement age shall not be under age 55.

The latest effective retirement dates (referred to as “mandatory retirement date”
hereunder) for Bank officers who are subject to mandatory retirement according to 
Paragraph 1 hereof are as follows: 
1. If the officer’s date of birth falls between January and June, his/her effective 
　 retirement date shall be no later than July 16 the same year.
2. If the officer’s date of birth falls between July and December, his/her effective 
　 retirement date shall be no later than January 16 the following year.

Article 33-1
The Bank will arrange forced retirement for Bank officers who have served at the 
Bank for five years or longer, and have any of the following circumstances:
1. The officer does not meet the conditions for voluntary retirement under Article 32
　 herein and is subject to the court order of guardianship or assistance which has 
　 not yet been revoked.
2. The officer has one of the following physical or mental illnesses, injuries, or 
　 disabilities, and has been determined to be incapable of performing his/her core
　 duties, and  incapable of undertaking other comparable works:
(1) The officer has been issued a certificate by an accredited hospital stating that 
　　the person concerned meets the criteria for being classified as "partially disabled" 
　　set out in the Civil Service Disability Benefit Standards and has been receiving 
　　disability benefits according to law, or has been assessed as “severe” or higher 
　　based on the severity levels of physical/mental disabilities set out by the central 
　　competent health authority.
(2) The officer has a stage 3 or higher malignant tumor, and has provided a certificate
　　therefor issued by an accredited hospital.

Before the Bank arranges forced retirement for an officer in accordance with the 
provisions of Item 1, Subparagraph 2 of the preceding paragraph, the Bank shall 
provide the officer with vocational rehabilitation services in accordance with Article
33 of the People with Disabilities Rights Protection Act.

Article 33-2
If the court order that places a Bank officer under guardianship or assistance, 
or the physical or mental illness, injury, or disability of a Bank officer referred 
to in Subparagraph 1 or 2, Paragraph 1 of the preceding article arises as a result 
of the officer performing official duties (referred to as "work-related injury or 
illness" hereunder), the officer’s forced retirement will not be subject to the 
requirement of having served at the Bank for five years or longer.

The term "work-related injury or illness" in the preceding paragraph means an injury
or illness of a Bank officer determined by the Bank to have a causal relationship 
with one of the following circumstances: 
1. An accident, hazardous incident, or violent event happened to the officer or the 
　 officer fell ill while performing his/her duties, resulting in an injury or illness. 
2. An accident or a hazardous incident happened to the officer at the workplace or 
　 while the officer was on a business trip or travelled to or from the workplace or 
　 some official business venue, resulting in an injury or illness. However, the 
　 preceding provision does not apply to an injury or illness that resulted from a 
　 major traffic violation by the officer. 
3. The officer experienced a sudden onset of illness during the performance of duties, 
　 or at the workplace, or while traveling to or from the workplace or some official 
　 business venue, resulting in an injury or illness. 
4. Unrelenting focus on work or overwork results in an injury or illness. 

If any doubt arises regarding the determination of work-related injury or illness
described under the subparagraphs of the preceding paragraph or eligibility for 
work-related survival compensation under Articles 39 and 40 herein and the existence 
of causal relationship, the Bank should appoint scholars and experts to form a review 
panel to undertake review of case in which there is doubt whether the forced retirement 
of a Bank officer has a work-related cause or whether a survival compensation claim has 
a work-related cause.

When reviewing and determining individual cases whether the injury or illness of 
an officer is related to sudden onset of illness or unrelenting focus on work or 
overwork as described in Subparagraph 3 or 4 of Paragraph 2 hereof, the review panel 
referred to in the preceding paragraph may refer to the review reference guide set out 
in Paragraph 5, Article 53 of the Act Governing Retirement, Severance and Bereavement 
Compensation for Civil Servants.

Article 33-3
The application for retirement or severance by a Bank officer having any of the 
following circumstances will not be processed:
1. The officer is on unpaid leave.
2. The officer is placed on suspension from duties.
3. The officer is placed on disciplinary suspension.
4. The officer is suspected of having committed a criminal offense against the 
　 internal or external security of the State after the end of the Period of National 
　 Mobilization for Suppression of the Communist Rebellion, and has any of the 
　 following circumstances:
(1) A final judgment regarding the alleged offense has not yet been rendered.
(2) The public prosecutor has decided non-prosecution or deferred prosecution on 
　　the alleged offense, but the decision is not final.
(3) The public prosecutor has made a final decision of deferred prosecution on the 
　　alleged offense, but the deferral period has not yet expired.
5. The officer is suspected of having committed a criminal offense in breach of 
　 the provisions of the Anti-Corruption Act or the Offenses of Malfeasance in Office
　 chapter of the ROC Criminal Code, and has been tried and sentenced by a court to 
　 imprisonment for a fixed term or a more severe punishment, but the judgment is not final. 
6. A case involving the officer has been referred by the responsible authority in 
　 accordance with the law for disciplinary action or has currently been referred to the 
　 Control Yuan for review, or has resulted in a responsible authority making a decision to 
　 impose a disciplinary sanction, which however has not yet taken effect.
7. It is stipulated so according to other laws. 

Officers referred to in Subparagraphs 4 to 7 of the preceding paragraph shall first
be suspended from duties starting from the mandatory retirement date.

Officers referred to in Subparagraph 2 of Paragraph 1 hereof or in the preceding 
paragraph may receive one half of salary as applicable to employees suspended from 
duties starting from the mandatory retirement date to the date the reason for non-
processing ceases to exist.

Article 33-4
A Bank officer who did not apply for retirement past the mandatory retirement date
due to any circumstance under Subparagraphs 2 ~ 7, Paragraph 1 of the preceding 
article shall, within six (6) months after the particular circumstance ceases to exist, 
submit supporting documents in writing to the Bank to apply for mandatory retirement.

The mandatory retirement date of an officer referred to in the preceding paragraph 
shall be in all cases his/her effective retirement date. However, the effective 
retirement date of an officer under disciplinary suspension shall be the date on which 
the reason for suspension ceases to exist and the Bank has approved his/her 
reinstatement to duty. 

If an officer referred to in Paragraph 1 hereof passes away within the stipulated 
6-month application period, his/her survivors referred to in Article 41 herein may 
apply for retirement benefits in accordance with the standards set out in Article 34 
herein.  

The one-half salary received by an officer under Paragraph 1 hereof in accordance
with the provisions of Paragraph 3 of the preceding article shall be recovered 
by the Bank by deducting the amount actually received by the officer from his/her 
retirement payment or survivor compensation.

Officers under Paragraph 1 hereof having any of the following circumstances may 
not apply for retirement:
1. The officer is dismissed, discharged from employment, or removed from post 
　 according to law.
2. The statutory grounds for forfeiting rights to apply for retirement set out in 
　 Article 36 herein still exist when the 6-month period for retirement application 
　 expires.

Article 34
The standards for retirement payments to Bank officers are as follows:
1. For years of service accumulated under the Labor Standards Act after May 1, 1997, 
　 two units are given for one full year of service, provided that each year of service 
　 exceeding fifteen years shall be entitled to only one unit for one full year of service, 
　 but the maximum shall be forty-five units. Any fraction of a year which is less than 
　 six months shall be counted as half a year of service; any fraction of a year that is 
　 equal to or more than six months shall be counted as one full year of service. The 
　 basis for retirement benefit unit denotes the average wage received by the officer at
　 the time when his/her retirement is being approved and calculated in accordance 
　 with applicable provisions of the Labor Standards Act.
2. For years of service accumulated prior to April 30, 1997, retirement benefits will 
　 be calculated in accordance with the Regulations Governing Retirement, Indemnity 
　 and Severance of Employees of State-owned Finance and Insurance Enterprises under 
　 the Ministry of Finance.
3. For officers who are forced into retirement due to work-related injury or illness 
　 pursuant to Paragraph 1 of Article 33-2 herein, retirement payments will be 
　 increased by 20%, and years of service less than five years shall be counted as 
　 five years.

Article 35
Bank officers who opt to retire early according to the minimum retirement age provided in 
Paragraph 2 of Article 33 herein will receive in addition a lump-sum payment equal to one-
half month salary for each year of early retirement according to the prescribed
retirement age.

Article 35-1
If the Bank undergoes downsizing as required by law and consequently retires or lays
off personnel, the Bank may pay the retired or laid off personnel a one-time relief 
payment up to seven months of the personnel’s monthly salary (including the 
one-month advanced-notice wage to be paid to retired or laid-off personnel pursuant 
to the Labor Standard Act), and starting from the date the downsizing program starts, 
reduce the amount of relief payment by one month of salary for each month the affected
personnel’s retirement or severance is delayed (excluding the one-month advanced-notice
wage). The relief payment shall be paid out of the budget prepared by the Bank.

The relief payment under Paragraph 1 shall be calculated based on the single 
salary received by the personnel every month. 

The provisions of Paragraph 1 on relief payment do not apply to personnel who 
have undergone retirement, severance or resignation process and received additional 
retirement or severance payment.

When personnel who have undergone severance or retirement due to a downsizing program  
resume employment in any of the position categories listed in the subparagraphs of
 Paragraph 1, Article 77 of the Act Governing Retirement, Severance, and Bereavement 
Compensation for Civil Servants within six months from the date of their severance 
or retirement takes effect, and their total monthly remuneration exceeds the statutory 
basic wage, the agency (institution) employing them shall subtract an amount 
corresponding to the actual number of months that the severance or retirement lasted 
before re-employment from the relief payment received by the personnel, and then 
collect the remainder and refund same to the Bank. Re-employment less than one month 
shall be counted as one month, and when re-employment lasts longer than one month, 
the days of partial month will not be counted.

Article 35-2
When Bank personnel (excluding Bank workers) who have once undergone retirement 
(separation or military discharge), severance or years of service settlement and 
received comparable retirement or severance pay before employment at the Bank again 
apply for retirement, survivor compensation, or severance, their basis units or 
percentage for the calculation of retirement payment, survivor compensation or severance 
pay should be combined with the basis units or percentage of retirement (separation or 
military discharge) payment, severance pay, separation (dismissal) refund or years of 
service settlement pay previously paid out of government budget, which shall not exceed 
the maximum payment standards set out in these Regulations. If the retirement (separation 
or military discharge) pay or severance pay previously received by the personnel has 
reached the maximum limit, the payment to be received by the personnel at the time of 
second-time retirement (severance) will not be increased; if the previously received 
payment has not reached the maximum limit, the difference will be made up in the 
calculation of second-time retirement (separation) benefit

Article 35-3
If a Bank officer has committed an offense during employment in breach of the 
provisions of the Anti-Corruption Act or the Offenses of Malfeasance in Office 
chapter of the Criminal Code, or taken advantage of the power, opportunity, or 
means afforded by his/her official position to commit some other offense, and is 
subsequently sentenced with final judgment rendered after the officer has retired, 
been dismissed with severance pay, or resigned, the retirement (separation) 
related benefits of such officer shall be stripped or reduced in accordance with 
the following provisions; if benefit payment has already been made, recovery of 
the full or partial amount that is subject to stripping or reduction shall be pursued: 
1. An officer who has been sentenced to death, life imprisonment, or imprisonment of 
　 seven years or longer shall be stripped ab initio of any retirement (separation) 
　 related benefits. 
2. An officer who has been sentenced to imprisonment of three years or longer but less 
　 than seven years shall have retirement (separation) related benefits reduced ab 
　 initio by 50 percent. 
3. An officer who has been sentenced to imprisonment of two years or longer but less 
　 than three years shall have retirement (separation) related benefits reduced ab 
　 initio by 30 percent.
4. An officer person who has been sentenced to imprisonment of one year or longer but 
　 less than two years shall have retirement (separation) related benefits reduced ab 
　 initio by 20 percent. 

If an officer under the preceding paragraph receives and completes a suspended sentence 
without the suspended sentence being revoked, the provisions of Subparagraphs 3 and 4 of 
the preceding paragraph do not apply after the period of suspended sentence ends, and the 
amount of any reduction that has been made to retirement (separation) benefits shall be 
paid retroactively by the Bank.

The retirement (separation) related benefits that should be stripped or reduced 
according to Paragraph 1 hereof shall be limited to those that have been approved 
based on the years of service preceding the officer’s most recent retirement, 
severance, or resignation. Such benefits comprise the following: 
1. Retirement payment or severance pay to be disbursed in accordance with these 
　 Regulations; and
2. Preferential interest.

If another law imposes a more severe penalty of stripping or reduction of 
retirement (separation) related benefits on the officer referred to in Paragraph 1 
regarding the same case, the more severe penalty shall apply.

If a person who has retired or been laid off with severance pay in accordance 
with these Regulations is again employed as a Bank officer, no further retirement 
payment or survivor compensation will be awarded for any past years of service during 
which the officer was subject to stripping or reduction of retirement (separation) 
related benefits in accordance with Paragraph 1 hereof when the officer again retires, 
is laid off, or resigns or passes away during the re-employment period, and those years 
of service shall be aggregated with the years of service after the re-employment and 
handled in accordance with the provisions of preceding article.

Article 35-4
If a Bank officer who has served at the Bank for five years or longer opts to 
resign without undergoing retirement or severance process after July 1, 2018, the 
officer’s years of service at the Bank may be preserved, and the officer may, within 6 
months after the date he/she turns 65, submit supporting documents in writing to the Bank 
for approval of years of service and retirement payment.

The retirement payment received by an officer under the preceding paragraph 
shall be calculated in accordance with the provisions of Article 34 herein. 

The provisions of Paragraph 1 hereof do not apply if an officer under Paragraph 1
 has any of the following circumstances:
1. The officer is dismissed, discharged from employment, or removed from post according 
　 to law.
2. The statutory grounds for forfeiting rights to apply for retirement set out in 
　 Article 36 herein still exist when the 6-month period for retirement application expires.
3. At the time the 6-month period set out in Paragraph 1 hereof expires, the officer has 
　 a circumstance set out in Paragraph 1, Article 33-3 herein under which retirement 
　 application will not be processed. 

Article 36
Bank officers having any of the following circumstances shall forfeit their rights to 
apply for retirement or severance:
1. Being deprived of civil rights for life. 
2. Having convicted of offenses against civil disturbance or treason with final judgment 
　　rendered.
3. Loss of the citizenship of the Republic of China.
4. Other specific conditions as prescribed by laws.

Article 37
For Bank officers who retired prior to the implementation of these Regulations and 
are under the monthly retirement payment plan, their monthly retirement payment shall 
be calculated and disbursed in accordance with applicable laws and regulations in 
effect prior to the implementation of these Regulations.

Retired Bank officers on monthly retirement payment plan and having any of the 
following circumstances shall be forfeited their rights to receive monthly retirement 
payment:
1. Deceased.
2. Being deprived of civil rights for life. 
3. Having convicted of offenses against civil disturbance or treason with final judgment 
　　rendered.
4. Loss of the citizenship of the Republic of China.

For retired Bank officers on monthly retirement payment plan and having any of 
the circumstances set out in Paragraph 1, Article 6 and Paragraph 1, Article 77 of 
the Act Governing Retirement, Severance, and Bereavement Compensation for Civil Servants, 
their monthly retirement payment shall be suspended until the termination of the cause 
of suspension.

Article 38
For Bank officers who die as a result of illness or accident while under the Bank's 
employment, the Bank will disburse funeral compensation equal to three months salary in 
addition to survivor compensation calculated in accordance with the retirement payment
standards provided in Article 34 herein, and such officers' years of service will be 
counted as three years if they had been under the Bank's employment for less than three 
years.
For Bank officers who die as a result of disease or accident while being suspended from 
work due to disciplinary sanction, or on suspension pending appeal, or on leave without 
pay, such officers' survivor benefits and funeral benefits will be disbursed according
to the provisions in the preceding Paragraph.

Article 39
For Bank officers having any of the following circumstances, the Bank will disburse 
additional survivor compensation equal to five months salary and funeral compensation 
equal to three months salary in addition to survivor compensation calculated in 
accordance with the retirement payment standards provided in Article 34 herein, and 
such officers’ years of service will be counted as five years if they have been under 
the Bank's employment for less than five years:
1. A sudden onset of illness at the workplace or while on a business trip (errand) for 
　 performing a task described in Subparagraph 1 or 2, Paragraph 1 of Article 40 herein, 
　 which results in death.
2. Having any of the following circumstances that results in death:
(1) An accident or hazardous incident occurs while traveling for performing a task 
　　described in Subparagraph 1, Paragraph 1 of Article 40 herein.  
(2) Sudden onset of illness while traveling for performing a task described in 
　　Subparagraph 1 or 2, Paragraph 1 of Article 40 herein, or an accident or hazardous 
　　incident occurs while traveling for performing a task described in Subparagraph 2, 
　　Paragraph 1 of Article 40 herein.
(3) An accident or hazardous incident, or sudden onset of illness occurs during a 
　　period of essential advance preparation for the performance of a task, or during 
　　a period of follow-up after a mission.
3. Unrelenting focus on work or overwork that results in death.

Article 40
For Bank officers having any of the following circumstances, the Bank will disburse 
additional survivor compensation equal to eight months salary and funeral compensation 
equal to three months salary in addition to survivor compensation calculated in accordance 
with the retirement payment standards provided in Article 34 herein, and such officers' 
years of service will be counted as ten years if they had been under the Bank's employment 
for less than ten years:
1. Courageously facing a hazardous incident posing a high risk of death when performing 
　 a difficult mission entailing disaster rescue or arresting a criminal, or a 
　 war-related mission, and risking one's life in performing the mission, which results 
　 in death
2. The occurrence of an accident or hazardous incident, or a violent event, or falling 
　 ill at the workplace, or while on a business trip (errand) for performing a task other 
　 than the ones mentioned in the preceding subparagraph, which results in death..

If the death of a Bank officer as described in Item 1 or 2, Subparagraph 2 of the 
preceding article or Subparagraph 2 of the preceding paragraph was caused by a major 
traffic violation on the part of the officer, survivor compensation shall be disbursed 
in accordance with Article 38 herein.

Article 41
The unremarried surviving spouse of Bank officer shall receive half of the officer's 
survivor and funeral compensation; the remainder shall be distributed equally among the 
survivors in the following order of preference:
1. Children. 
2. Parents. 
3. Grandparents. 
4. Siblings. 

Among survivors mentioned in the preceding Paragraph other than the unremarried spouse, 
when there are no survivors as specified by Subparagraphs 1 through 3, the survivor 
compensation and funeral compensation will be distributed to the unremarried spouse 
alone;if there is no spouse or the surviving spouse has already remarried, the survivor 
compensation and funeral compensation shall instead be distributed among the other 
survivors in order as mentioned in each Subparagraph of the preceding Paragraph. If 
there are more than one eligible survivor in the same order and any of the survivors 
loses or forfeits the right to receive the survivor compensation and funeral compensation 
due to death, abandonment, or loss of entitlement under Article 42 herein, their portion 
shall be redistributed evenly among the remainder of the eligible survivors in the same 
order.Should any of the survivors specified in the first group of preference as listed 
in Subparagraph 1 of the preceding Paragraph be unable to receive the survivor compensation 
and funeral compensation due to death, abandonment, or loss of entitlement under Article
42 herein, their children may receive the subrogated distribution in their stead.

If a Bank officer had made a will before death, stating which of the survivors 
mentioned in Paragraph 1 shall receive his/her survivor compensation, such will shall 
prevail. Notwithstanding the foregoing, the proportion to be received by any child of 
the Bank officer who is still a minor shall not be lower than the child’s statutory 
proportional entitlement.

Article 42
When a Bank officer becomes deceased, any of his/her survivors having any of the 
following circumstances shall forfeit their rights to receive any survivor compensation 
and funeral benefit:
1. Being deprived of civil rights for life. 
2. Having convicted of offenses against civil disturbance or treason with final judgment 
　　rendered.
3. Not having citizenship of the Republic of China.

Article 43
When a Bank officer dies and he/she does not have survivors or his/her survivors are 
unable to handle his/her funeral affairs, the Bank will designate a Bank officer to 
handle the funeral affairs using his/her funeral compensation.

Article 44
Bank officers in any of the following circumstances may be given severance: 
1. It is necessary for the Bank to downsize due to organizational change or 
　 business contraction and there is not suitable job for Bank officers.
2. Bank officers are unsuited to the current positions, and after being reassigned 
　 to other equivalent positions, remain unable to achieve the required standards of
　 performance, or where the Bank does not have any other position available for 
　 reassignment.
3. The officers hold full-time research positions (not assigned concurrently to 
　 other positions) and have not produced any research report or significant findings 
　 in more than two years consecutively.
4. Bank officers do not meet the conditions set out in Subparagraph 2, Paragraph 1 
　 of Article 33-1 herein but suffer from physical or mental frailty as duly certified 
　 by an accredited hospital, evidencing that they are unable to appropriately 
　 complete their assigned tasks.
5. Where any other laws or regulations provide that Bank officers should be given severance.

Article 45
The severance of Bank officers shall be carried out in accordance with applicable 
provisions under the Labor Standards Act, whereas the severance payment standards are as 
follows:
1. Years of service accumulated prior to April 30, 1997 shall be calculated in accordance 
　　with then applicable laws and regulations.
2. Years of service accumulated on and after May 1, 1997 shall be calculated in 
　　accordance with applicable provisions of the Labor Standards Act.

Article 46
The years of service of Bank officers shall combine the years of service in the following 
capacities in addition to their years of service under the Bank’s employment. However 
the periods of services for which Bank officers have applied for the refund of pension
fund upon resignation or dismissal, or have been paid retirement (termination, retirement 
from military) payments, severance payment, or quasi-pensions, severance or resignation 
payments shall be excluded.
1. Previously serving as political appointees, civil servants, education personnel in 
　　public schools or military personnel.
2. Previously serving as officers in other government-owned enterprises. 
3. Preciously serving in mandatory military service or substitute service.

Article 47
The Bank has set aside pension fund and established a Pension Fund Supervisory Committee 
in accordance with applicable regulations after May 1, 1997. The original pension 
contributions from the Bank and the employees themselves are put under the management
of the Pension Fund Supervisory Committee and will be disbursed to Bank officers when 
they depart in accordance with then applicable laws and regulations prior to the 
implementation of these Regulations.

Article 48
(Deleted)

Article 49
The rights to claim retirement payment, severance payment, survivor compensation and 
funeral compensation as well as survivor compensation not yet received by the 
survivors of Bank officers may not be used for assignment, offset, detention or 
provision of security. 

A recipient of payments under the preceding paragraph may open a personal account at 
a financial institution to be used exclusively for the deposit of payments under the 
preceding paragraph. Deposits in such accounts may not be used for offset, detention, 
provision of security or subject to compulsory execution.

Article 50
(Deleted)