Radio Taiwan International
Date: 2018-06-06

President Tsai Ing-wen on Wednesday signed into law the Act on Savings Accounts for

President Tsai Ing-wen (right) has signed into law the Act on Savings Accounts for the Education and Development of Children and Teenagers.

the Education and Development of Children and Teenagers. This is aimed at providing government funding for the education of underprivileged children.

The savings accounts that are the subject of the law will allow parents of underprivileged children to save for their education, with the government matching their contributions by up to NT$15,000 (US$500) per year. Tsai said this allows the parents to withdraw a maximum amount of NT$550,000 (US$18,500) by the time their children turns 18. This amount is enough to put a student through four years of university, Tsai said.

The president said over 3,000 families opened accounts during the program’s trial run over the last year and they have saved more than NT$60 million (US$2 million) in total. She said it is the government’s job to provide equal opportunities for everyone, and that the new act will ensure that more children from underprivileged families have access to higher education.    [FULL  STORY]