Labor Insurance Act Article 58

An insured person who is at least 60 years of age and has any of the following conditions may claim to receive old-age benefits:1. An insured person whose insurance coverage year reached over fifteen could claim for old-age pension benefit.2. An insured person whose insurance coverage year has not reached fifteen could claim for a lump sum old-age benefit.For those who already have insurance coverage years before the enforcement of the amendments for this Act on July 17, 2008 and conform to any one of the following regulations, the insured not only could claim for old-age benefit according to the regulation in preceding paragraph, he/she could also choose to claim for onetime payment of old-age benefit. However, if the insurer has approved the onetime payment, it could not be changed anymore.1. An insured person at least sixty years of age or a female insured person at least fifty-five years of age who has been insured for at least one year and resigns;2. An insured person whose insurance coverage reached over fifteen, who is at least fifty-five years of age and resigns;3. An insured person who has been insured in the same insured unit for over twenty-five years and resigns; or4. An insured person whose insurance coverage reached over twenty-five years, who is at least fifty years of age and resigns;5. An insured person who has been employed for more than five years in physical hard labor, work of special character and who is at least fifty-five years of age and resigns.An insured person who has claimed and received old-age benefits according to the preceding two paragraphs should be withdraw from this labor insurance.The insured claim for old-age benefit is not bounded by the regulation of article 30.On the tenth year after this amendment is enforced on July 17, 2008, the age limit for claiming old-age benefit in first paragraph will be increase by one year and then the age limit will be raised by one year for every two years until the age limit reaches 65 years of age.An insured person who has received old-age benefits may no longer participate in the labor insurance.An insured person who has been employed for more than fifteen years in dangerous, physical hard labor or work of special character and is at least fifty-five years of age and resigns could claim for old-age benefit and is not bounded by the regulations in fifth subparagraph of this article and article 58-2.The meaning of dangerous, physical hard labor or work of special character in the fifth subparagraph of second paragraph and previous paragraph is to be defined by the competent central authority.