The labor ministry has presented the Legislature with a report on pension reform in preparation for a Legislative hearing on Monday.
The report highlights the need for reform as Taiwan’s aging population and low birthrate threaten the system’s stability. The report says that the pension system held more than NT$651 billion (US$20 billion) in April. However, the report also says that the pension system will be run out of money in 2027 if no reforms are put in place.
The labor ministry says it will work with the pension reform committee and examine developed countries’ experience with pension reform. The ministry also says it will provide a workable plan for reform along with a financial assessment.