TAIPEI (TVBS News) — Taiwan's main opposition parties announced Tuesday (Jan. 6) that it has drafted the "Taiwan Future Account" (台灣未來帳戶) bill to address the island's declining birth rate. The bill, a joint effort between the the Kuomintang (KMT, 國民黨) and the Taiwan People's Party (TPP, 民眾黨), was introduced to the Procedure Committee (程序委員會), a legislative body that schedules bills for debate, by noon Tuesday. Legislators have scheduled the bill for review on Friday (Jan. 9).
KMT caucus chairwoman Cheng Li-wun (鄭麗文) and TPP caucus chairman Huang Kuo-chang (黃國昌) have spearheaded this legislative initiative in Taiwan's parliament. Under the proposed legislation, the government will deposit NT$50,000 (around US$1,587) into accounts for children under 12, with an additional NT$10,000 (around US$317) deposited annually. The fund will invest in Taiwan's stock market index to secure financial resources for children's future education and career training expenses.
KMT legislator Niu Hsu-ting (牛煦庭) emphasized the government's role in providing initial funding for the accounts under the proposed legislation. The plan retroactively includes children born after Sept. 2, 2013, who will receive the initial NT$50,000 (around US$1,587), with annual increments of NT$10,000 (around US$317). Parents and businesses are encouraged to contribute additional funds, which become accessible when beneficiaries turn 18 for essential expenses such as education loans and job training.
Lo Chih-chiang (羅智強), KMT caucus secretary-general, criticized the Democratic Progressive Party (DPP, 民進黨), Taiwan's ruling party, for lacking strategies to counter the island's low birth rate. Lo described Taiwan's declining birth rate as a national security crisis requiring immediate government action and legislative intervention. Lin Pei-hsiang (林沛祥), the KMT's deputy secretary-general, stated that the "Taiwan Future Account" reassures young parents of government support, drawing parallels with similar policies in Singapore, the U.K., and the U.S.