President holds first policy coordination meeting

President Tsai Ing-wen has convened her first weekly policy coordination meeting. The meeting brought together not only the president and vice president, but also the premier and vice premier, and leading figures in Tsai's Democratic Progressive Party (DPP).

One of the focuses of Monday's meeting was a planned amendment to laws regulating vacation days. The president said that the core issue was not how many public holidays there should be, but whether or not laborers are getting enough days off. She said the goal was to make sure that increasing the number of days off would not lead to a decrease in other benefits. Tsai said it might also be possible to help small businesses for whom an increase in days off could mean a cut in revenues or a staffing shortage.

Monday's meeting also focused on the controversial topic of pension reform for public servants, teachers, and military personnel. Tsai said that the pace of reform would not be slowed by the disagreement. The president said that it was impossible to come up with a perfect solution, but that the reforms would be significant, while at the same time practical and feasible.

President Tsai said the primary objective at this stage is to maintain the financial stability of the pension program for at least one generation to ensure that retirees receive enough to meet their basic economic needs. She said that under the reforms, once she and Vice President Chen Chien-jen retire, their pensions will not exceed the upper limits of the pension system.

The policy meeting on Monday also touched on the issue of financial supervision. She said the recent Mega Bank case highlighted the fact that the government's financial supervision is too lax. She called for financial institutions to implement stricter self-regulation, and for investigators to determine whether Mega Bank had engaged in money laundering.

Source: Radio Taiwan International