There are many elderly people in Taiwan. In 2020, the pension for the elderly will be as high as 1,123.5 billion yuan, which is a heavy burden on the national finances.

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[Financial Channel/Comprehensive Report] Taiwan's social welfare is improving every year. While all classes are taken care of by the state, it also means that government spending is increasing year by year.

According to the statistics of the General Accounting Office, my country's social security expenditure (Social Protection Expenditure, SPE), the actual settlement amount in 2020 is 2,375.3 billion yuan, an increase of 286.4 billion yuan or 13.7% over 2019, accounting for GDP (gross domestic product). ) accounted for 12.0%, an increase of 1% over 2019, the largest growth in eight years.

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The annual amount of government social security expenditure is so huge that it is equivalent to the total annual revenue of the central government?

(The total annual revenue of the central government in 2023 will be 2.8301 trillion yuan) Is it possible that all the national revenue is used for social welfare?

The so-called government social security expenditures refer to the government's efforts to reduce the risk or burden of the elderly, physical and mental disabilities, bereaved families, diseases and health, childbirth, family and children, unemployment, occupational injuries, housing, and other risks or burdens that the government bears on families or individuals. Among the expenditures on the minimum living security, the elderly social benefit was the largest at 1.1235 trillion yuan (47.9%), followed by illness and health at 753.8 billion yuan (32.1%), accounting for 80% of the total.

Social benefits for the elderly refer to the labor pension or labor insurance benefits paid by retired workers. Due to the increase in the number of retirement claimants and the increase in the demand for long-term care, this part of the expenditure has grown significantly year by year. In terms of social benefits for the elderly , the benefit in 2020 will increase by 84.4 billion yuan (annual increase of 8.1%). This part is paid by the labor retirement fund and labor insurance fund, so although the amount is very large, it does not appear in the annual expenditure of the central government.

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