Mon, Jul 24, 2006 - Page 3 News List

Pension fund money left idle without organic law

CNA , TAIPEI

The Legislative Yuan's failure to pass the organic law of a labor pension fund supervisory commission has seriously affected the interests of working people because no legal organization can manage the fund, analysts said yesterday.

Since the portable pension system for all workers was put into force July 1 last year, 4 million wage earners have opted for the new system.

Employers have deposited more than NT$80 billion (US$2.44 billion) into their employees' individual retirement accounts over the past year.

The retirement pension fund, however, has been idle because the Cabinet-drafted organic law has not been passed, analysts said.

A preparatory office for the pension funds supervisory commission has been in operation since the inception of the portable pension system, but it cannot do anything with the fund since it has not acquired legal status.

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