TAIPEI (TVBS News) — Taiwan's Directorate-General of Budget, Accounting and Statistics (DGBAS) announced on Friday (Dec. 15) that the island's Social Protection Expenditure (SPE) for 2022 reached a new high of NT＄2.5342 trillion.
The new figure represents an increase of NT＄118.1 billion or a growth rate of 4.9% over the previous year, according to the "2022 Social Protection Expenditure Statistics" report.
The DGBAS attributed the significant growth in social security spending to factors such as increased costs associated with the government's COVID-19 vaccine procurement and vaccination efforts, higher National Health Insurance payments, and increased funding for childcare allowances and educational subsidies.
In accordance with the standards of the International Labor Organization (ILO), the DGBAS noted that social security spending encompasses government expenditures aimed at mitigating risks or burdens brought on by various factors, including aging, disabilities, survivors, sickness and healthcare, childbirth, family and children, unemployment, occupational injuries, and housing.