TAIPEI (Taiwan News) — Taiwan’s Minister of Labor Hsu Ming-chun (許銘春) debunked a long-running rumor during a hearing in the country’s legislature on Monday (May 18) that the country’s Labor Pension Fund, which most Taiwanese people rely on for their livelihood after retirement, will face a bankruptcy crisis in 2026.
The fund received an allocation of NT$20 billion (US$667 million) for 2020 in February, and there will be another NT$20 billion for next year, she said, adding that she has briefed Premier Su Tseng-chang (蘇貞昌) on next year's funds, UDN reported.
Hsu, who will continue to serve as minister of labor in the new Cabinet to be inaugurated on May 20, said, “The government will take responsibility and not allow the labor insurance to go broke,” per Economic Daily News .
The minister went on to say that the labor insurance, which is a state-run social insurance, and the pension reform are very important issues. Therefore, she said, it’s the government’s responsibility to take care of all financial issues regarding labor insurance and continue to keep its finances healthy and stable.