EDITORIAL: Labor funds scandals damage trust
Financial markets around the world mostly gained momentum last month on the development of COVID-19 vaccines. This lifted the return rates of Taiwan’s labor funds to positive territory, after they slumped earlier in the year, when global financial markets were affected by the COVID-19 pandemic and the US dollar was weak against other major currencies.
The six labor funds which are used to pay pensions and other workers’ benefits, with NT$4.45 trillion (US$155.92 billion) of assets under management turned a profit of NT$240 billion last month and the cumulative profit from January to last month totaled NT$190 billion, Bureau of Labor Funds officials said on Friday.