Taiwan to give cash payouts to all citizens in ‘New Year blessing’
Taiwan plans to give cash payouts of nearly US$200 (RM880) to every citizen this year, Premier Su Tseng-chang announced yesterday, saying the island’s economic growth will be shared by everyone.
The export-reliant economy, a global tech powerhouse for products, including semiconductor chips, grew 6.45% in 2021, the fastest rate since it expanded 10.25% in 2010.
While economic growth is expected to slow in 2022 and 2023, the government has made plans to plough an extra 380 billion Taiwanese dollars (RM54.6bil) in tax revenue from last year back into the economy to help protect the island from global economic shocks, including subsidies for electricity prices and labour and health insurance.
Su said a total of T$140 billion, part of the tax revenue, would be spent as cash payouts and each citizen would get T$6,000 ($195.61).
“The fruit of economic achievements will be shared by all citizens, from young to old,” Su told reporters, adding the potential payout requires approval from parliament, where the ruling Democratic Progressive Party has a majority.
“We wish to give all citizens a New Year blessing after the beginning of the Lunar New Year,” Su told reporters, referring to the week-long holiday that starts on Jan. 20.