The legislature has passed a law establishing two government-funded savings
accounts for under-18s.

The accounts will receive annual deposits of NT$60,000 (US$1,854). It's part
of an effort to address Taiwan's declining birthrate.

The bill was passed thanks to the majority held by the two main opposition
parties -- the KMT and TPP.

Under the law, eligible citizens younger than 8 will receive annual deposits
of NT$60,000 into a Growth Allowance Account. Those aged 7-17 will receive
NT$30,000 in a Growth Allowance Account and NT$30,000 in a Future Account
each year.

The TPP estimates that the program will cost NT$200 billion annually once
President Lai Ching-te (賴清德) promulgates it.

The Bureau of Labor Insurance will manage funds in Future Accounts and
guarantee that returns at least match two-year domestic bank time-deposit
rates. The national treasury will cover any shortfall.

Before an account holder turns 12, family members can make unlimited annual
deposits into Future Accounts, while employers of the account holders' legal
representatives can contribute up to NT$50,000 per year.

DPP lawmakers voted against the opposition parties' version. In May,
President Lai proposed a similar program with much lower government
contributions.

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