Huge deficit for Taiwan private labor insurance looms

Huge deficit for Taiwan private labor insurance looms

In 20 years time, the labor insurance program for the 9.41 million private employees may go bankrupt. This was seen after their estimated deficit went from NT$3.13 trillion to NT$5.5 trillion. The increase in debt appears to be the result of a new policy that now offers a life-long pension instead of one lump-sum old-age payment to an insured retiree.  The labor insurance program entails a 6.5 percent premium rate while the new system requires an increase 23.84 percent. But even if the program rises to the 12 percent rate…

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