TAIPEI (Taiwan News) — Embedded within Labor Insurance is a retirement fund, and there are many in the foreign community who remain unaware of their right to claim it.

Living abroad presents certain challenges, with assimilating to a new work environment being one of them. Whether you speak the local language or not, certain assumptions lead to misunderstandings. The salary deductions and pension schemes are sometimes nebulous, leaving many scratching their heads. Varying explanations tend to reshape pieces of the puzzle, and the whole picture never quite comes to fruition.

One main area that has recently become clear is Labor Insurance. Some foreigners might see this monthly deduction from their salaries, and its elusiveness has resided as one of its defining features. After speaking to representatives at the Labor Insurance Bureau in Taipei, the details of this standard contribution revealed insurance coverage, along with a retirement fund.

Depending on where you work, some companies and educational institutions offer a pension scheme. This varies according to each institution, with some including a contribution by the employee, concurrently with a match by the employer and government.

In addition to this, if your employer has five or more employees, your benefit package might include labor insurance. One might presume that labor insurance is coverage for working on the job, and this is true.

A sum of 6% of your salary is deducted each month, which covers extended sick leave, hospital stays, or accidents that happen on the job. However, embedded within this coverage is a retirement fund, or as it was explained by a government official, an "old age fund."

The regulations state that if you have been working in Taiwan for 25 years, and if you have continuously contributed to labor insurance, you would be eligible to withdraw your earnings. If you have not worked for 25 years but are planning on leaving Taiwan, you can receive your funds at the determined retirement age.

The exact time depends on the year you were born, and this information is provided by the government. Once you have left your job and have a ticket home, you can fill out a form at your local Labor Insurance Bureau and provide an overseas bank account. The money would then be wired to you at the specified retirement age.

If you have been working legally in Taiwan and would like to check on your account, find the local Labor Insurance Bureau in your city. Go down with your chop/stamp and ARC/APRC, and speak to a representative.

The people are very nice and will give you a printout of your contributions. If your time is limited and you want to confirm the details of your account, you can call the Labor Insurance Bureau directly, and they have English-speaking representatives.

The amount in the fund will depend on your contribution, which you can also increase each month if desired. The actual sum may not be significant, but it could be an extra cushion that you may need years down the road. In the end, it is your money, and there are many in the community who remain unaware of their right to claim it.

People come to Taiwan for many reasons. Although obstacles appear on our paths, most stay because there is a genuineness that is extended throughout the environment. The revelation of an unknown pension scheme reaffirms why people choose to call Taiwan home.