TAIPEI: 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 would 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 NT$380bil (RM54.5bil) in tax revenue from last year back into the economy to help protect the island from global economic shocks, including subsidies for electricity and labour and health insurance.
Su said a total of NT$140bil, part of the tax revenue, would be spent as cash payouts and each citizen would get NT$6,000 (RM860).
“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.
Taiwan is a major producer of semiconductors used in everything from cars and smartphones to fighter jets.
Its economy continued to grow stably during the Covid-19 pandemic in recent years helped by strong chip demand for consumer electronics as more people worked from home. — Reuters
