The Labor Pension Fund Super-visory Committee, an organization tasked with managing the nation's NT$600 billion (US$18.2 billion) labor pension fund, was established yesterday.
Huang Chao-hsi (
A ceremony was held yesterday morning to unveil the plaque bearing the committee's official title. It was attended by President Chen Shui-bian (
Chen said the formation of the committee marked the completion of the nation's Labor Insurance reform.
Chen denied in his speech that the committee had been created to give an advantage to the ruling party before the elections.
"Not everything is about the elections," he said. "The government needs to continue its operations even without elections."
Chen said the nation's employees could not afford to see delays in the establishment of the committee. He said that after it was invested in the stock market, the profitability of the National Stabilization Fund had grown 40 percent in the first quarter of this year.
Approximately NT$240 billion from the labor pension fund was appropriated for investment in the stock market, which had the same profitability as the National Stabilization Fund. An additional NT$96 billion in revenue will therefore be generated, he said.
Chang said that the manner in which the committee manages this tremendous amount of money would affect life after retirement for all the nation's workers.
He said that the value of the pension fund under the old and new pension schemes was expected to exceed NT$1 trillion 10 years from now. Given this amount, the committee carries a great responsibility to supervise it, he said.
Lu said that former CLA minister Lee Ying-yuan (
Lu said the policy was supported by a majority of workers and employers, adding that 90 percent of the nation's business units had begun using the new pension scheme, which requires employers to put an additional amount equivalent to 6 percent of an employee's salary into his retirement fund account.
Meanwhile, 77 percent of the employees to whom the Basic Labor Act (
An essay competition jointly organized by a local writing society and a publisher affiliated with the Chinese Communist Party (CCP) might have contravened the Act Governing Relations Between the People of the Taiwan Area and the Mainland Area (臺灣地區與大陸地區人民關係條例), the Mainland Affairs Council (MAC) said on Thursday. “In this case, the partner organization is clearly an agency under the CCP’s Fujian Provincial Committee,” MAC Deputy Minister and spokesperson Liang Wen-chieh (梁文傑) said at a news briefing in Taipei. “It also involves bringing Taiwanese students to China with all-expenses-paid arrangements to attend award ceremonies and camps,” Liang said. Those two “characteristics” are typically sufficient
The brilliant blue waters, thick foliage and bucolic atmosphere on this seemingly idyllic archipelago deep in the Pacific Ocean belie the key role it now plays in a titanic geopolitical struggle. Palau is again on the front line as China, and the US and its allies prepare their forces in an intensifying contest for control over the Asia-Pacific region. The democratic nation of just 17,000 people hosts US-controlled airstrips and soon-to-be-completed radar installations that the US military describes as “critical” to monitoring vast swathes of water and airspace. It is also a key piece of the second island chain, a string of
A magnitude 5.9 earthquake that struck about 33km off the coast of Hualien City was the "main shock" in a series of quakes in the area, with aftershocks expected over the next three days, the Central Weather Administration (CWA) said yesterday. Prior to the magnitude 5.9 quake shaking most of Taiwan at 6:53pm yesterday, six other earthquakes stronger than a magnitude of 4, starting with a magnitude 5.5 quake at 6:09pm, occurred in the area. CWA Seismological Center Director Wu Chien-fu (吳健富) confirmed that the quakes were all part of the same series and that the magnitude 5.5 temblor was
The Central Weather Administration has issued a heat alert for southeastern Taiwan, warning of temperatures as high as 36°C today, while alerting some coastal areas of strong winds later in the day. Kaohsiung’s Neimen District (內門) and Pingtung County’s Neipu Township (內埔) are under an orange heat alert, which warns of temperatures as high as 36°C for three consecutive days, the CWA said, citing southwest winds. The heat would also extend to Tainan’s Nansi (楠西) and Yujing (玉井) districts, as well as Pingtung’s Gaoshu (高樹), Yanpu (鹽埔) and Majia (瑪家) townships, it said, forecasting highs of up to 36°C in those areas
RSS