New Population Policy Unveiled: Monthly NT$5,000 Growth Allowance for Children Up to Age 18

(CNA, Taipei, May 20, by reporter Lai Yu-chen) To address the low birth rate, the government plans to launch a 'New Population Strategy for Taiwan.' One of the 18 strategies in the family support chapter includes providing a monthly growth allowance of NT$5,000 for individuals from age 0 to 18. Before age 6, the NT$5,000 will be for parents to use in child-rearing. From ages 7 to 18, half of the allowance is planned to be deposited into a 'Children's Future Account,' allowing young people to have a lump sum for education or entrepreneurship upon adulthood. The plan is expected to be officially implemented next year. As of the end of April this year, Taiwan's total population was 23,262,544, marking 28 consecutive months of negative growth, making the issue of low birth rates urgent. President Lai Ching-te mentioned in his speech today marking two years in office that the government will launch the 'New Population Strategy for Taiwan.' The family support chapter includes 18 policies covering marriage, pregnancy, child-rearing, friendly workplaces, and housing for married couples, which also includes the NT$5,000 monthly growth allowance per person from 0 to 18 years old. President Lai said that a portion of this growth allowance will be designed as a Children's Future Account, so that when young people turn 18, they will have funds from the government for education or starting a business. He also mentioned that the budget for this is about NT$200 billion a year, which Taiwan can afford without crowding out other budgets. Premier Cho Jung-tai later explained at the breakthrough ceremony for the tunnel connection section of the 'Shihmen Reservoir to Hsinchu Interconnection Pipeline Project' that the growth allowance is planned to be in two parts. From 0 to 6 years old, the monthly NT$5,000 is for parents to take good care of their children. For ages 6 to 18, it is hoped that parents will put half of the NT$5,000 into a future fund for adolescents, so that when a child turns 18, they can have a growth fund with a base amount of NT$360,000. Adolescents would no longer have to worry about student loans or could use it as their first pot of gold for future entrepreneurship. Premier Cho stated that the policy is expected to be implemented starting next year and is just one of 18 government policies. Cho had said yesterday that the Executive Yuan could pass and announce the relevant population policies as early as its meeting on the 28th. There is public interest in whether the so-called Children's Future Account is a youth version of TISA (Taiwan Individual Savings Account). Financial Supervisory Commission (FSC) Deputy Chairperson Chen Yen-liang confirmed in the legislature that a youth version of TISA is expected to be announced next week. The main goal is to help youths have a 'first pot of gold' at 18, with concessions on handling and management fees for the integrated investment plan. The Ministry of Health and Welfare stated in a written explanation that the Children's Future Account aims to support family care needs in a more stable and long-term manner.