Taiwan News Encyclopedia: Pension reform

Radio Taiwan International
Date: 2017-06-10

Since President Tsai Ing-wen took office a year ago, she has vowed to push for pension reform. She says several pension funds are on the verge of bankruptcy if no steps are taken to address the issue.

The reform covers people from all walks of life, including laborers, judges, farmers and political appointees. However, it is retired teachers, civil servants and military personnel that are mostly likely to be hit hardest by the proposed cuts. That’s because the group, in general, has enjoyed extremely generous pension provisions over the past decades.

A draft bill governing pension reform has already been submitted to the legislature for review. Citing overwhelming public support for the formidable task, President Tsai has demanded that the ruling DPP, the majority in the legislature, pass the third reading of the bill during the extraordinary sessions in the summer.    [FULL  STORY]

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