勞保老年年金的隱含內部報酬率－與一次金的比較A Study on the Internal Rates of Return for Labor Insurance Pension Scheme

摘要
　　新制勞工保險於民國98年1月1日起開始實施，與舊制最大的不同是年金制的採用，退休時年資達15年以上的勞工可選擇新制的老年年金給付或舊制的一次金給付。此外，勞保老年年金雖設定的請領年齡為60歲，但有所謂的「展延年金」的設計，使得退休勞工有彈性請領時間，每延後1年每次給付金額增4%，最多可增給20%。本研究即在分析給定一次金的條件下，老年年金與展延年金的內部報酬率，以提供退休勞工選擇之參考。研究結果發現，在不展延的情況下，年金給付的報酬率皆高於10%。其中，以15年年資退休之女性報酬率最高(17.66%)，而已退休年資30年之男性報酬率最低(10.44%)。整體而言，與目前市場利率行情比較，領取一次金而不領取年金所犧牲的投資報酬率頗高。另外，就展延年金的報酬率而言，無論性別與年資多寡，會隨展延愈長而遞減。
關鍵字：勞工保險、退休金計畫、內部報酬率
Abstract
　　The old-age benefit of the labor insurance, provided by Bureau of Labor Insurance in Taiwan, has been changed from a lump-sum payment to pension payments since the beginning of 2009. The retired, who have 15 or more insurance years, are eligible to choose a lump-sum payment or pension payments. Besides, the new labor insurance gives the insured a timing option to receive the pension payments with 4% increase for every year delay but limited to 20% in total. Thus, which to choose, and/or when to receive the pension payment, is an important decision problem for the insured going to retire from jobs. This paper analyzes these problems by using the internal rate of return (IRR) criterion. The highest IRR is 17.66% for the female with 15 years’ insurance, and the lowest IRR is 10.44% for the male with 30 years’ insurance. Comparing with current market interest rates, the IRRs are quite high in general. It means the opportunity cost of choosing the lump-sum payment is high. Also, the results show late pension payments have low internal rates of return in all scenarios.
Keywords: labor insurance, pension scheme, internal rate of return