CHANGING TIMES: Children used to take care of their parents in their old age, but not anymore, Chairman Wellington Koo said, urging people to plan ahead
Taipei Times
Date: Oct 18, 2018
By: Kao Shih-ching / Staff reporter
The Financial Supervisory Commission (FSC) yesterday said it plans to introduce an adult custodial system through investment trust companies to help the nation’s aging population.
Taiwan has become an “aged society,” meaning that more than 14 percent of its population is older than 65 and is to become a hyper-aged society within eight years, so the FSC began in 2016 to encourage investment firms to make trust funds available to senior citizens with the aim of protecting their assets, FSC Chairman Wellington Koo (顧立雄) said at a seminar held by the Trust Association yesterday in Taipei.
However, while general trust funds are common, accounting for 85 percent of total investments, trust funds for older people are not, remaining below 10 percent, Koo said.
Asked for a growth target, Koo said it is difficult to set a number, but he hopes to boost the number of trust funds for senior citizens by having trust companies add an adult custodial system to their services, adding that he has discussed amending the Family Act (家事事件法) with the Judicial Yuan. [FULL STORY]