Taiwan to give cash payouts to citizens in ‘New Year blessing’

Taiwan to give cash payouts to citizens in ‘New Year blessing’

TAIPEI – Taiwan plans to provide money payouts of almost $200 to each citizen this yr, Premier Su Tseng-chang introduced on Wednesday, saying the island’s financial development shall be shared by everybody.

The export-reliant financial system, a worldwide tech powerhouse for merchandise together with semiconductor chips, grew 6.45% in 2021, the quickest price because it expanded 10.25% in 2010.

Whereas financial development is predicted to gradual in 2022 and 2023, the federal government has made plans to plough an additional $12.4 billion in tax income from final yr again into the financial system to assist defend the island from world financial shocks, together with subsidies for electrical energy costs, labor and medical insurance.

Su stated a complete of T$140 billion, a part of the tax income, can be spent as money payouts and every citizen would get $195.61.

“The fruit of financial achievements shall be shared by all residents, from younger to outdated,” Su advised reporters, including the potential payout requires approval from parliament, the place the ruling Democratic Progressive Social gathering has a majority.

Premier Su Tseng-chang introduced Taiwan is planning to provide money payouts of almost $200 to each citizen this yr.SOPA Photos/LightRocket through Gett

“We want to give all residents a New Yr blessing after the start of the Lunar New Yr,” Su advised reporters, referring to the week-long vacation that begins on Jan. 20.

He didn’t give particulars of how the federal government would ship the payouts.

Taiwan is a serious producer of semiconductors utilized in every part from automobiles and smartphones to fighter jets. Its financial system continued to develop stably in the course of the COVID-19 pandemic lately helped by sturdy chip demand for client electronics as extra folks labored from dwelling.

Taiwan’s financial system continued to develop stably in the course of the COVID-19 pandemic lately.LightRocket through Getty Photos

Taiwan’s central financial institution in December minimize its 2022 estimate for gross home product (GDP) development to 2.91% from its earlier forecast of three.51% in September.

For 2023, it projected GDP would develop 2.53%. The financial system grew 4.01% within the third quarter from a yr earlier.

($1 = 30.6740 Taiwan {dollars})

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