Taiwan supervisory body shakes up labour pensions’ structure
03 April 2014
Category: News, Asia, Global, Taiwan
By Hui Ching-hoo
Taiwan’s Ministry of Labour is progressing with the consolidation of the island-state’s labour pensions through transferring responsibility for the entities to a newly-established body entitled the Bureau of Labour Funds (BLF).
Established on February 17, the BLF replaces the Labour Pension Fund Supervisory Committee (LPFSC) and is now responsible for the overall planning and utilisation of various labour funds, including the Labour Pension Fund (LPF), the Labour Retirement Fund (LRF), the Labour Insurance Fund (LIF), and the Employment Insurance Fund (EIF).
The BLF said on its website that the move has so far proved to be successful in terms of centralising resources and promoting investment diversification for labor pensions in regard to bolstering investment returns.
With the restructuring, the BLF has been able to centralise outsourcing processes for the pension funds’ external mandates, which in turn has reduced operating costs and strengthened its powers of negotiation.