The Executive Yuan on Thursday approved draft amendments to the Labor Insurance Act. Proposed by the Ministry of Labor (MOL), the draft amendments stipulate that the central government will bear ultimate responsibility for the finances of the national labor insurance system.
Premier Cho Jung-tai stated that labor insurance is one of the most important retirement security systems for workers. Since 2020, the government has allocated annual budgetary subsidies to strengthen the financial stability of the Labor Insurance Fund. These subsidies have increased each year and, combined with diversified investments, the fund has grown to NT$1.2 trillion (approximately US$38.4 billion), demonstrating the direct, positive impact of government contributions on its finances. The new draft amendments codify the government's current practice of providing annual subsidies, as well as its role in assuming ultimate financial responsibility, reflecting its determination to keep the labor insurance system stable.
Premier Cho said that the bill will be submitted to the Legislative Yuan for deliberation, and directed the MOL to actively engage with all legislative caucuses to expedite the completion of the legislative process.