Article 1 (Purpose)

The purpose of this Act is to contribute to ensuring the stable livelihoods of employees in their old age by stipulating matters necessary to establish and operate a retirement benefit scheme for employees.

Enforcement Ordinance

Article 2 (Definitions)

The definitions of terms used in this Act shall be as follows:

1. The term "employee" means an employee as defined in Article 2 (1) 1 of the Labor Standards Act;

2. The term "employer" means an employer as defined in Article 2 (1) 2 of the Labor Standards Act;

3. The term "wages" means wages as defined in Article 2 (1) 5 of the Labor Standards Act;

4. The term "average wages" means average wages as defined in Article 2 (1) 6 of the Labor Standards Act;

5. The term "benefits" means an annuity or lump sum paid to employees under a retirement benefit scheme or an individual retirement pension scheme prescribed in Article 25;

6. The term "retirement benefit scheme" means a defined benefit plan, a defined contribution plan, and a retirement allowance system under Article 8;

7. The term "retirement pension plan" means a defined benefit plan, a defined contribution plan, and an individual retirement pension plan;

8. The term "defined benefit plan" means a retirement pension plan in which the amount of the benefits an employee will receive is predetermined;

9. The term "defined contribution plan" means a retirement pension plan in which the amount of an employer's contribution to pay benefits is predetermined;

10. The term "individual retirement pension plan" means a retirement pension plan established to accumulate and operate the lump sum paid by a participant or the contributions paid by an employer or a participant according to the participant's choice in which the amount of the benefits or contributions is not predetermined;

11. The term "participant" means an employee who has joined a retirement pension plan;

12. The term "reserve" means money accumulated with contributions paid by an employer or a participant in order to pay benefits when a ground for the payment occurs, such as retirement of the participant;

13. The term "retirement pension trustee" means a person registered in accordance with Article 26 in order to operate and manage the retirement pension plan or to manage its assets.

Article 3 (Scope of Application)

This Act shall apply to all businesses or workplaces (hereinafter referred to as "businesses") employing employees: Provided, That this shall not apply to businesses employing only relatives cohabiting with their employer, nor to private households with employed persons.