TAIPEI (Taiwan News) – The main opposition Kuomintang announced Wednesday it was planning to lay off more than half of its staff at a cost of more than NT$1.5 billion (US$47.5 million).
The party has been encountering financial difficulties amid a dispute with the government’s Ill-gotten Party Assets Settlement Committee, which has tried to shut off some of its accounts amid investigations into the origin of its assets.
The number of party employees would be cut by 58.3 percent, which might lead to severance and retirement payments totaling between NT$1.5 billion and NT$1.8 billion (US$57.1 million), according to a decision approved by its weekly Central Standing Committee meeting Wednesday.
The party headquarters would cut its staff from 134 people to 80, while local party departments would see their total number of employees fall from 609 to 230. The local offices would still be allowed to employ extra personnel if they could afford it through local fundraising, reports said.
The savings plan also included salary cuts for mid- and high-level party officials, Vice Chairman Steve Chan said. Party leaders were also expected to raise funds, with a sum of NT$10 million (US$317,300) set as a target for Chairwoman Hung Hsiu-chu and for each of the vice chairpersons. Lower fundraising targets were set for a whole range of officials, including legislators and mayors.