Labor Standards Act Article 55

(Ⅰ)The criteria for payment of worker pensions shall be as follows:1. Two bases are given for each full year of service rendered. But for the rest of the years over 15 years, one base is given for each full year of service rendered. The total number of bases shall be no more than 45. The length of service is calculated as half year when it is less than six months and as one year when it is more than six months;2. As set forth in Subparagraph 2 of Paragraph 1 of Article 54, an additional 20% on top of the amount calculated according to the preceding subparagraph shall be given to workers forced to retire due to disability incurred from the execution of their duties.(Ⅱ)The retirement pension base as specified in Subparagraph 1 of the preceding Paragraph shall be one month’s average wage of the worker at the time when his or her retirement is approved.(Ⅲ)Employers shall pay the pensions specified in Paragraph 1 within 30 days from the day of retirement. Those unable to pay the amount in one lump sum may apply to the competent authority for approval to pay the amount in installments. If the retirement pension criteria established by business entities before the enforcement of the Act are better than those set forth in the Act, such criteria shall apply.