The Taiwan government is set to give cash payouts of nearly $200 to every citizen in 2023.
The President of the Executive Yuan, Premier Su Tseng-chang, made this announcement on Wednesday, saying that the island’s economic growth will be shared by everyone.
According to Reuters, the export-reliant economy, a global tech powerhouse for products including semiconductor chips, grew 6.45% in 2021, the fastest rate since it expanded 10.25% in 2010, and in 2023, Taiwan’s GDP is projected to grow by 2.53%.
The government has now reportedly made plans to plough an extra T$380 billion (USD$12.4bn) in tax revenue from last year back into the economy to help protect the island from global economic shocks, including subsidies for electricity prices and labour and health insurance, while economic growth is expected to slow in 2023.
According to Su, “The fruit of economic achievements will be shared by all citizens, from young to old.
“We wish to give all citizens a New Year blessing after the beginning of the Lunar New Year.”
The Lunar New Year is also known as spring festival to represent the coming of spring. It is a week-long holiday that starts on January 22.
Su added that the potential payout requires approval from parliament, where the ruling Democratic Progressive Party has a majority.
