Legislation drafted by the Ministry of Health and Welfare (MOHW) to allow qualifying minors to establish partially subsidized individual education and development savings accounts was approved at today's meeting of the Cabinet. The draft will now go to the Legislative Yuan for review.
Premier Lai Ching-te said that the savings account program will serve as an incentive measure for the government to encourage long-term saving to help disadvantaged children and young people accumulate funds and pull themselves out of poverty by providing a solid foundation for future development.
The draft's approval brings closer to completion the legal framework for related measures. The premier directed the MOHW to take the initiative to communicate and negotiate with all party caucuses in the Legislature in order that the draft may be quickly passed into law.