TAIPEI – Taiwan plans to give cash payouts of nearly $200 to every citizen this year, Premier Su Tseng-chang announced on Wednesday, saying the island’s economic growth will be shared by everyone.
Export-reliant economies, which are a global tech powerhouse that includes semiconductor chips, saw 6.45% growth in 2021. This is the fastest rate of growth since 10.25% in 2010.
While economic growth is expected to slow in 2022 and 2023, the government has made plans to plough an extra $12.4 billion in tax revenue from last year back into the economy to help protect the island from global economic shocks, including subsidies for electricity prices, labor and health insurance.
Su stated that T$140 billion of tax revenue would be used to pay cash outs, and each citizen would receive $195.61.
“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…