The Taiwan Solidarity Union (TSU) caucus yesterday said it would propose a bill to create a new committee in the legislature to monitor the government’s management of four major funds; Labor Insurance, Labor Pension, Public Service Pension and Postal Savings.
TSU caucus whip Huang Wen-ling (黃文玲) told a press conference that the bill would be presented in the legislature today.
Last year the four funds lost a total of nearly NT$90 billion (US$3 billion) in investments, she said.
However, the legislature has no way of monitoring how the trust funds are used to prevent possible irregularities, Huang said.
She said the new committee should be able to investigate any unusual losses, initiate proceedings to reclaim such losses and, if necessary, take civil action against people involved in trust fund operations.
The TSU is seeking cross-party support for the proposal, Huang said.
TSU Legislator Hsu Chung-Hsin (許忠信) said trust fund managers should choose low-risk investments, such as long-term securities, rather than putting money into high-risk investments.
Labor Insurance Fund and Labor Pension Fund investment managers came under scrutiny after reports that the insurance fund could be bankrupt by 2016, leading to widespread anger among workers.