Regarding the much criticized pension scheme, the major parties both agree that it is in need of reworking. But how should it be changed? The KMT offered its latest revised version on Thursday, which is aimed at cutting down on benefits for retired high-ranking officials.

The controversial 18% preferential savings interest rate had President Ma rushed to hold a meeting with high ranking officials from the Presidential Office and three agreements were reached and passed to quickly adjust the plan.

The updated version includes a ceiling cap that is set for retired government personnel savings amount while lowering the amount qualified for interest as part of Mas effort to take away unfair benefits only high ranking officials would enjoy.

The Pan green party had suggested a floating interest rate mechanism but was shot down by the Ma administration, which the DPP lawmakers criticized the administration of going the wrong direction with the amendment of the 18% preferential interest rate plan and it is not focusing on the core of the issue.

The updated version of the retirement plans still stir-up discussions among the legislators.

However, according the new direction set by Ma to remove unfair benefits to certain high ranking officials, those 100 plus officials who were not affected since the 2006 amendment of the reform, they will still enjoy the benefits.

As for the ceiling cap of the preferential interest one can receive, the amount will be released later from the Ministry of Civil Service.