By: Wu Hsin-yun and S.C. Chang
Taipei, Jan. 22 (CNA) The government will be responsible for the “final injection” to the labor
pension fund, and it will not go broke, the Ministry of Labor said Sunday.
Responding to concerns expressed at the national conference on pension reform held at the Presidential Office that day, the ministry made it a point that “there will absolutely be no possibility that young people today will not be able to receive their pensions down the road.”
To ensure the labor pension will be sustainable, said the ministry, the government has proposed only “minor adjustments” to the current system, as well as “regular reviews” of how things will proceed when the proposed reforms are put into effect.
Under the government’s draft amendments to the labor insurance law, workers will be required to pay 0.5 percent more in insurance premiums each year for five years in a row before the new measure — if approved by the Legislature — is reviewed for its effects. [FULL STORY]