Labor minister denies rumor of labor insurance bankruptcy

TAIPEI (TVBS News) — Labor Minister Hsu Ming-chun emphasized Wednesday that the government-backed labor insurance will not go bankrupt. Hsu noted that the government will allocate supplementary funds when needed.

Hsu's remarks came after public concern that the labor pension fund could go bankrupt by 2028 due to the growing imbalance between the number of workers and pension recipients.

In response, Hsu noted that the government has been providing supplementary pension funds continuously for the past four years, a plan that the Executive Yuan promises to maintain.

Hsu added that the government's supplementary labor insurance provisions are part of administrative expenditures.

Although there are no current provisions to this effect, Hsu suggested that if government funds are available, it can be implemented once the government approves the provision.

As for the labor insurance reform progress, she acknowledged the many factors involved while assuring the Ministry of Labor is open to various opinions and will act once consensus is reached.