Defend the 18 Percent Interest Rate
A recently implemented reform on pension scheme for retired civil servants has triggered a new wave of criticism from the opposition party, who claims that the 18 percent preferential interest rate it offers violates the principle of social justice by creating a privileged class. But President of the Examination Yuan, Kuan Chung, jumped to the defense of the policy on Thursday, saying that it has been grossly misunderstood.
The 18% preferential rate of the civil servant pension plan is under a fierce debate as it reverted back to its original amount.
Kuan Chung, President of the Examination Yuan recently came out in several events to promote civil servant rights and to urge the government not to vilify them in society.
According to Kuan, civil servants' benefits were previously insufficient.
He argued that in the legalization of preferential interest rates and pension funds, the government should adopt a trust and protection principle.
He went on further to say that civil servants are people who spent much effort to pass the civil service exam and that it is the duty of the nation to ensure their well-being.
However, the general public opposes his argument.
According to the Examination Yuan, only a minority of retired civil servants enjoy the benefits of the 18% preferential rates.
Those who were appointed their positions after July 1, 1995 no longer received such an amount.
And the 1% bank deposit interest rate is still a stark difference from the 18% preferential rate benefit.
It is no wonder this issue has become a hot topic of debate between the opposing parties.
- 18
- examination
- Civil
- Yuan
- reform
- Kuan
- rate
- principle
- Chung
- servants
- Interest
- Scheme
- Implemented
- pension
- retired
- percent
- preferential
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