Pension liability NT$8 trillion: DGBAS

DEBT CEILING:The National Civil Servant Association said that civil servants, military personnel and teachers were blamed whenever government debt becomes an issue

Taipei Times
Date:  Jul 09, 2016
By: Tseng Wei-chen, Cheng Chi-fang and Chen Mei-ying  /  Staff reporters

Unfunded liabilities of the pension system for military personnel, public-school teachers and civil servants are estimated at NT$8.137 trillion (US$$251.9 billion), while the government allocates about NT$310 billion per year to the groups, or about NT$850 million per day, reports by the Directorate-General of Budget, Accounting and Statistics (DGBAS) and the Ministry of Finance said.

The DGBAS and the ministry briefed a meeting of the National Pension Reform Committee on Thursday regarding the nation’s financial status.

The agencies said that of the NT$310 million allocated this year for military personnel, civil servants and public-school teachers, NT$77.8 billion is to cover the 18 percent preferential interest rate on savings held by those who began their service before 1995.     [FULL  STORY]