Vice Premier Jiang Yi-huah spoke at a Chinese Nationalist Party (KMT) caucus meeting today on pension reform. He thanked lawmakers for the views they expressed in the meeting and said the reform team would carefully consider them.
"The pension system is meant to safeguard the economic security of every citizen upon his or her retirement," Jiang said. "Although the possibility of a pension crisis is a great challenge for our government, we also consider this a crucial time to turn this crisis into an opportunity."
The goals of reform, according to the vice premier, are the following:
1. Sustainability, with projected revenues and expenditures balanced for at least 30 years
2. Guarantees that the treasury will cover payouts if the funds cannot
3. Inter-generational equity, with the alleviation of the systems' projected financial burden on future generations
Vice Premier Jiang said he will report the overall pension reform plan to President Ma Ying-jeou on January 30. After this draft plan is released, government agencies will open another phase of grassroots consultations with citizens, scholars, experts and representatives of national organizations by hosting seminars and public hearings.
"The agencies will remain open to outside proposals to improve the policy," Jiang stated. The Executive Yuan will produce actuarial balance projections of the financial consequences of each policy option.
The Executive Yuan expects to send its amendment proposal to the Legislative Yuan during its next session.