President Tsai Ing-wen (蔡英文) yesterday reaffirmed the need for substantial reform of the nation’s pension system ahead of a planned protest on Saturday against the government’s reform plans.
“Pension reform is an unavoidable responsibility of our generation. The well-being of retirees should be protected, and the pension system’s bankruptcy crisis should be handled,” Tsai, who doubles as chairperson of the Democratic Progressive Party (DPP), said at a meeting of the DPP Central Standing Committee.
“The reforms unavoidably affect pensioners. For example, military personnel, public servants and teachers have dedicated their lives to the nation, but often become the target of criticism during reform discussions. I can understand their dissatisfaction and stress,” Tsai said.
The government does not aim to single out a particular profession or group of individuals, while vastly different pension schemes and the pension gap between professions are the results of the pension system’s long-term development, she said.
While the DPP could push its own reform plan, as it controls the legislative and executive branches, it has chosen to negotiate and work with the public to make changes, Tsai said.
Tsai’s speech came hours after Vice President Chen Chien-jen (陳建仁), who chairs the pension reform committee, promoted the government’s reform efforts on Facebook.
Critics say that Tsai’s and Chen’s remarks were intended to ease tensions before Saturday’s protest.
“Pension reform is intended to ensure adequate retirement income for all citizens and to sustain the pension system for all generations,” Chen wrote.
“While pension funds were designed differently, the huge pension gap is undeniable,” he added.
Pension schemes vary greatly between different occupations, he said, adding that premiums are too low to ensure a proper balance, with various pension funds expected to go bankrupt from 2020 to 2031.
The pension system does not adapt to the aging of the population, wage stagnation or lowered interest rates, which causes deficits in the different funds.
Due to an increase in average life expectancy leading to an aging population, the nation’s age dependency ration grow from 11 percent in 1995 to 17 percent last year, creating a greater burden on taxpayers, particularly younger people, Chen said.
While the pension reform discussion is about to begin, rumors about a reform plan have surfaced on the Internet, Chen said, calling on the public not to heed speculation.
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