At least 27 labor unions in Taiwan are demanding the government to guarantee a minimum annuity for retired workers. The unions took to the Cabinet office and held a joint press conference on Thursday.
According to the unions, Taiwan’s average monthly expenses amount to NT$ 23,513 (US$ 753.1). In the past 10 years however, the monthly pensions of over 60% of the retired workers are less than NT$20,000 (US$ 640.66), which barely covers the basic living costs, the unions criticized.
The Cabinet Spokesperson Allen Tzu-Luen Lin (林子倫) said that the government has increased the budget of the Labor Insurance Fund from NT$ 20 billion to NT$45 billion since 2020. In addition, an extra NT$ 30 billion dollars will be supplemented in the future. Lin says that the unions’ proposal will also be considered and further discussed with the labor ministry.
With the presidential election coming up next year, the unions appeal to candidates for reforms to the labor insurance pension system.