TAIPEI (Taiwan News) — Financial Supervisory Commission Chair Peng Jin-lung (彭金隆) delivered a speech at an investment forum in Taipei on Monday.

Peng said Taiwan will become a super-aged society this year based on government data. To prepare for this demographic shift, he called for more financial programs to meet seniors' needs, including setting up preferential retirement accounts. 

According to Peng, a super-aged society means 20% of the population will be over 65, with every two working people supporting one elderly person. He said the burden of an aging society requires more retirement savings, per CNA.

He said other Asian countries, such as Japan and South Korea, offer preferential savings accounts to encourage retirement savings. These models have been emulated through the Taiwan Individual Savings Account rollout.

Peng said the first stage will begin in late June, with the public invited to establish accounts. The second stage will involve negotiations with domestic financial companies to reduce fees and gain other concessions.

TISA anticipates attracting participants through preferential handling and management fees, with the Ministry of Finance also expected to provide tax incentives. And from the government's perspective, TISA would help retain investment funds in Taiwan.

Taiwan Life Insurance President Tony Chuang (莊中慶) said the average citizen has delayed retirement preparations to 35 or 36 years of age. In addition, 70% of respondents to a survey said they save less than NT$10,000 (US$338) each month for retirement.