The Executive Yuan today passed a NT$410-billion (US$12.6 billion) special relief package to strengthen the country’s domestic economy, society and security in response to global economic shocks.
The plan includes NT$93 billion in industrial support, NT$150 billion for national security and NT$167 billion for social support that includes NT$20 billion and NT$10 billion allocated to subsidizing national health insurance and labor insurance respectively, Premier Cho Jung-tai (卓榮泰) said.
The government needs to be prepared for complex geopolitical changes, Cho said.
Photo: Liu Hsin-de, Taipei Times
This newest package's four main goals are to support industries, stabilize employment, benefit people’s livelihoods and strengthen resilience, Cho said.
The funds would provide financial support to businesses and agriculture, help develop diversified export markets, support workers, strengthen industry competitiveness, assist in developing human capital and provide care services for vulnerable groups, Cho said.
The funds would also strengthen national defense capabilities and upgrade information and communications equipment, he added.
The government has heard from the private sector that they are concerned about the impact of rising electricity prices on top of tariffs, so the Executive Yuan has once again proposed allocating NT$100 billion funding to Taiwan Power Co (Taipower) to alleviate potential impacts.
Cho said the latest attempt to fund Taipower would help stabilize consumer prices and shield Taiwanese industries and the broader economy from the potential impacts of recent global economic shocks.
While the international economic situation continues to change, Taiwan’s air and sea space remain under threat from gray zone incursions, Cho said.
Taiwan is attacked more than four times as frequently as other countries, so the country’s digital and telecom infrastructure are to be strengthened, he said.
Funding for this package is to come from the budget surpluses in recent years, Cho said.
Regarding the universal cash payment proposal, Cho said that he does “not believe it is the best way forward” given the major shocks Taiwan must respond to.
The country needs more reasonable approaches to promote its long-term development, he said.
The Cabinet's bill, titled the "Special Act for Strengthening Economic, Social, and National Security Resilience in Response to International Circumstances" (因應國際情勢強化經濟社會及國土安全韌性特別條例), requires legislative approval.
Even after the Legislature approves the proposed special act, the Cabinet would have to propose special budget plans and obtain the Legislature's permission to actually use the NT$410 billion in funds.
On Monday, the Cabinet launched the NT$88-billion support package designed to cushion the impact of US tariffs on Taiwan's industrial and agricultural sectors and boost the local economy.
It said at the time it was expected to approve a special budget bill to finance the support plan during the Cabinet's meeting later this week and send it to the Legislature for approval.
The special budget proposal adopted today would allow the Cabinet to allocate NT$410 billion — more than four times the originally announced amount — in addition to its annual general budgets over the next two years through the end of 2027.
A magnitude 6.1 earthquake struck off the coast of Yilan County at 8:39pm tonight, the Central Weather Administration (CWA) said, with no immediate reports of damage or injuries. The epicenter was 38.7km east-northeast of Yilan County Hall at a focal depth of 98.3km, the CWA’s Seismological Center said. The quake’s maximum intensity, which gauges the actual physical effect of a seismic event, was a level 4 on Taiwan’s 7-tier intensity scale, the center said. That intensity level was recorded in Yilan County’s Nanao Township (南澳), Hsinchu County’s Guansi Township (關西), Nantou County’s Hehuanshan (合歡山) and Hualien County’s Yanliao (鹽寮). An intensity of 3 was
Instead of focusing solely on the threat of a full-scale military invasion, the US and its allies must prepare for a potential Chinese “quarantine” of Taiwan enforced through customs inspections, Stanford University Hoover fellow Eyck Freymann said in a Foreign Affairs article published on Wednesday. China could use various “gray zone” tactics in “reconfiguring the regional and ultimately the global economic order without a war,” said Freymann, who is also a nonresident research fellow at the US Naval War College. China might seize control of Taiwan’s links to the outside world by requiring all flights and ships entering or leaving Taiwan
The next minimum wage hike is expected to exceed NT$30,000, President William Lai (賴清德) said yesterday during an award ceremony honoring “model workers,” including migrant workers, at the Presidential Office ahead of Workers’ Day today. Lai said he wished to thank the awardees on behalf of the nation and extend his most sincere respect for their hard work, on which Taiwan’s prosperity has been built. Lai specifically thanked 10 migrant workers selected for the award, saying that although they left their home countries to further their own goals, their efforts have benefited Taiwan as well. The nation’s industrial sector and small businesses lay
Quarantine awareness posters at Taiwan Taoyuan International Airport have gone viral for their use of wordplay. Issued by the airport branch of the Animal and Plant Health Inspection Agency, the posters feature sniffer dogs making a range of facial expressions, paired with advisory messages built around homophones. “We update the messages for holidays and campaign needs, periodically refreshing materials to attract people’s attention,” quarantine officials said. “The aim is to use the dogs’ appeal to draw focus to quarantine regulations.” A Japanese traveler visiting Taiwan has posted a photo on X of a poster showing a quarantine dog with a
RSS