By: Sophia Yeh and Lilian Wu
Taipei, Oct. 19 (CNA) Taiwan’s government has to spend NT$80 billion (US$2.47 billion) a year to subsidize preferential interest rates paid on the retirement accounts of some public employees, and reforms are needed, an official said Monday.
Ministry of Civil Service chief Chang Che-shen (張哲琛) said the 18 percent rate paid on parts of special savings accounts of retired civil servants, military personnel and public school teachers dwarfs the standard interest rate of about 1 percent most people earn.
The difference in interest rates is paid for by the government. [FULL STORY]