The Legislature passed the final reading of a bill to amend the pension structure for political appointees on Friday.
The amendment includes articles that ensure a minimum monthly pension of NT$32,160 (around US$1,000). It also phases out a preferential 18% pension interest rate and raises the minimum age to start receiving the pension.
President Tsai Ing-wen said Friday that the amendment can save an estimated NT$1.4 trillion (US$47 billion). Tsai said the savings will play a major role in saving the Public Service Pension Fund from bankruptcy.
Tsai also thanked retired public servants and teachers for supporting the government's reforms to make the nation's finances more stable.
Tsai also thanked lawmakers for their input and hard work in amending the law. The president has also called on the public to blame her rather than lawmakers if they are dissatisfied with the results. Tsai has made pension reform a policy priority since she took office in May last year.
Source: Radio Taiwan International