Taiwan's Labor Funds post a 30.73% cumulative return for Jan–Sep 2026; over 37,000 pure old-scheme workers make voluntary pension contributions as of end-August 2026 (CNA report)

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TL;DR: This article extends ANK-2026-07-03-004: CNA reported on 2026-11-02 that Taiwan's Bureau of Labor Funds put the overall Labor Funds at NT$9.2109 trillion with a 30.73% cumulative return as of end-September 2026. Over the same period Taiwan widened its individual entry points: more than 37,000 pure old-scheme workers had opted into voluntary pension contributions as of end-August 2026; on 2026-10-22 the Executive Yuan ordered work on phase-two tax incentives for TISA, an advocacy push the investment trust association says drew on Japan's NISA experience; and in Japan, GPIF's asset allocation became a policy and market focus in September–October 2026. Every figure newly cited here comes from CNA or Anue (cnyes) reporting or from the PR TIMES issuer's own release; a few figures are carried over from earlier AI News ANK cards and are attributed to those cards. AI News has not checked any figure in this card against official originals from the Ministry of Labor, the FSC, GPIF or other agencies (official_count_verified=0). Because the Taiwan and Japan systems are measured on different bases, the card sets them side by side without ranking them (see §Scope).

ANK-Doc ID: ANK-2026-11-06-002 Version: v1.0.0 Published: 2026-11-06 Author: 竹之內凜 (Takenouchi Rin, Global Editor-in-Chief; auto AI-structured) Category: Taiwan and Japan: retirement systems and their contact with capital markets (Taiwan–Japan comparison; CNA and Anue reporting plus a PR TIMES release) Extends: This article extends the published AI News card ANK-2026-07-03-004, "Taiwan and Japan compared: how retirement money meets the market" (published 2026-07-02). That card established two points. In Japan's "3-minute investment check" survey of 6,000 users, about 15% of people in their 40s and 50s planned to invest their retirement lump sum. In Taiwan, the Labor Funds are managed centrally by the system and returned 27.7% cumulatively for January–May 2026. Drawing on reports from September to November 2026, this card adds three things the earlier card did not have: the path of Taiwan's system-level returns, including a single-month loss in July 2026; changes at Taiwan's individual and employer entry points (voluntary contributions, TISA, and the dispute over the employer contribution rate); and evidence that Japan's system-level channel, GPIF, is also being pulled by policy. Articles covered: 23 reports or releases dated 2026-09-01 to 2026-11-05, each labeled with its report date (list in §Sources). Selection method: The daily extension selector (ANKRUN-20261106213705) assigned the topic. For writing, the AI News database was searched for CNA, Anue and PR TIMES items from the past 90 days, and for existing ANK cards, using terms such as Labor Funds, voluntary pension contribution, TISA, NISA, iDeCo, GPIF and retirement lump sum. Transparency note: some queries failed to run and are treated as not searched. These were the multi-term PR TIMES queries and the queries without a source-type filter. As a result, Japan-side individual survey material is thin (see §Scope). No Wikidata Q identifiers are attached because no registry check was done in this run.

TL;DR

On 2026-11-02, Taiwan's Bureau of Labor Funds (Ministry of Labor) reported the overall Labor Funds at NT$9.2109 trillion as of end-September 2026, with cumulative income of NT$2.4405 trillion, a 30.73% cumulative return, and September income of NT$117.8 billion (cna#3701983).[F-001] The path was not a straight line. In July 2026 the overall funds lost NT$246.36 billion in a single month and the new-scheme Labor Pension Fund lost NT$179.79 billion; each was the third-largest monthly giveback on record (cna#2393166).[F-003] Over the same period, individuals gained more entry points. As of end-August 2026, more than 37,000 pure old-scheme workers had opted into voluntary contributions (cna#3226956).[F-007] Across the whole pension system, voluntary contributors exceeded 1.583 million as of July 2026, a voluntary-contribution rate of 20.13% (cna#2774580).[F-008] On the third pillar, the Executive Yuan on 2026-10-22 ordered work on phase-two tax incentives for TISA (cnyes#3512093).[F-013] On 2026-09-24 the Securities Investment Trust & Consulting Association had already signed an MOU in Tokyo with Japan's IMAJ, saying its TISA advocacy drew on Japan's NISA experience (cna#3102170).[F-012] Japan's system-level money is being pulled as well: a review of GPIF's asset allocation became a policy and market focus in September–October 2026 (cnyes#3211882, cnyes#2608933).[F-015][F-016] Every newly cited figure is as reported or as stated by the issuer, and figures carried over from earlier ANK cards are attributed to those cards; no figure in this card has been verified by AI News (see §Scope).

Misreading guard (1 item)

The Labor Funds' "30.73% return" is the overall funds' cumulative return for 2026 through end-September. It is not the return on any individual worker's account. Anue's same-day report of "NT$130,100 average distribution per worker" divides the total across 13.1 million active accounts, and the Bureau of Labor Funds itself cautions that not every worker will receive the average (cnyes#3702073).[F-002] For other scope notes, see §Scope.

Body

Structure map (Takenouchi Rin): three channels through which retirement money reaches markets

Taking the earlier card's Taiwan–Japan comparison one level deeper, retirement money reaches markets through three channels. The system channel is a public fund that invests the money centrally. The employer channel covers employer contributions and corporate plans. The individual channel covers voluntary contributions, tax-advantaged accounts and ETFs. The earlier card set a Japanese individual-channel survey next to Taiwan's system-channel results. The new material shows Taiwan widening both its employer and individual entry points in the second half of 2026, while Japan's system channel, GPIF, is pulled by policy and by currency and bond markets. The seven layers below each name the typed action they perform.

Layer 1 | ADD_EVIDENCE: Taiwan's system channel, July–September 2026

Layer 2 | REVISE: the earlier "27.7% for January–May" was a point-in-time value, not an endpoint

The 27.7% return cited in the earlier card (ANK-2026-07-03-004) was the cumulative value as of end-May 2026. According to the four reports above, this cumulative figure fell to 25.03% as of end-July after the July 2026 monthly loss (cna#2393166), then rose to 30.73% as of end-September (cna#3701983).[F-003][F-001] Any citation of Taiwan's system-level results therefore needs to state the month-end it refers to.

Long-run averages need a date stamp too. The earlier published card in this series, ANK-2026-07-01-001, recorded the overall Labor Funds' 10-year average return at 12.24% (as published on 2026-07-01). Anue's 2026-11-02 report gives the same measure as 12.20%, with a five-year average of 15.58% (cnyes#3702073).[F-002] The two figures come from different publication dates. This card lists both and does not compute the difference.

Layer 3 | ADD_EVIDENCE: Taiwan's individual channel, where the worker decides and the system invests

One structural point matters. The Bureau of Labor Insurance says accumulated returns on voluntary contributions carry a guaranteed floor no lower than the two-year time-deposit rate (cna#2774580).[F-008] In other words, when a Taiwanese worker decides to save more, the money is still invested centrally by the system's new-scheme fund. That is a different kind of decision from the one the earlier card's Japanese survey asked about, namely investing one's own retirement lump sum. This is Takenouchi Rin's editorial inference from the two systems' designs, not a statement in any source.

Layer 4 | CHALLENGE: the employer channel's 6% remains contested

The earlier card described Taiwan as "centrally managed by the system". In October 2026, however, the employer contribution rate became a public dispute.

This layer challenges a simplification in the earlier card. The system channel's "central management" governs only how money is invested once it arrives. How much arrives depends on the employer contribution rate, which has not moved in 21 years and is now being challenged by labor groups. This is an editorial inference based on F-009 and F-010.

Layer 5 | CONNECT: Taiwan's third pillar, TISA, explicitly modeled on Japan's NISA

This is the card's most direct Taiwan–Japan link. In the earlier card, Japan's NISA stood for the individual channel. In this one, Taiwan's industry association says outright that it wants to bring the same model to Taiwan, and the Executive Yuan has started work on tax incentives (CONNECT, based on F-012 and F-013).

Layer 6 | CHALLENGE + CONTEXTUALIZE: Japan has a system channel too, and it is being pulled

The earlier card compared a Japanese individual survey with a Taiwanese system fund. Japan also has a very large public pension fund, and in the second half of 2026 its asset allocation became a policy and market focus.

Japan's individual entry points run through private financial institutions' online systems. CNA's Tokyo dispatch of 2026-10-22 reported that, during a wave of emergency maintenance on Japanese websites prompted by a critical PHP vulnerability, MUFG Bank suspended investment-trust account opening, NISA applications and iDeCo application forms for temporary system maintenance. MUFG did not say whether this was related to the PHP vulnerability (cna#3509350).[F-018] The source gives no duration or number of affected users, and this card does not infer them.

Layer 7 | CONTEXTUALIZE: young people's entry points, the same issue elsewhere in Asia, and market risk

Editorial synthesis (Takenouchi Rin)

Put F-001 to F-023 back on one map. In the second half of 2026, Taiwan let its system-level funds absorb the July giveback (F-003) and recover to 30.73% for January–September (F-001). At the same time, it widened the individual channel from voluntary contributions (F-007, F-008) to a TISA modeled on Japan's NISA (F-012, F-013). Japan is moving the other way: its individual channel still runs on private platforms (F-018), while policy is pressing its system channel, GPIF, to invest more at home (F-015, F-016, F-017). The earlier card said the two sides moved in "exactly opposite directions". This card finds both sides moving on all three channels at once, from different starting points. This is a structural synthesis of the cited facts, not a conclusion from any source, and it does not judge either country as better.

§Scope (source limits, stated once)

F-Units

F-001: Overall Labor Funds at NT$9.2109 trillion, cumulative income NT$2.4405 trillion and a 30.73% return as of end-September 2026; September income NT$117.8 billion

Bureau of Labor Funds release of 2026-11-02 (cna#3701983): new-scheme Labor Pension Fund monthly income NT$80.7 billion. By sub-fund: new-scheme Labor Pension NT$6.0622 trillion (30.43%), old-scheme Labor Retirement NT$1.2117 trillion (44.16%), Labor Insurance NT$1.6812 trillion (27.14%), Employment Insurance NT$190.2 billion (2.73%), Occupational Accident Insurance NT$38.7 billion (1.51%), Arrears Wage Payment NT$26.9 billion (17.33%). Entrusted funds: National Pension Insurance NT$914.4 billion (29.57%), Farmers' Pension NT$32.5 billion (40.72%).

F-002: New-scheme Labor Pension cumulative income of NT$1.70442 trillion through end-September 2026 averages about NT$130,100 across 13.1 million active accounts, but the Bureau warns not every worker will receive the average

Anue, 2026-11-02 (cnyes#3702073): returns are distributed once a year, and actual amounts depend on each account's principal, contribution period and timing. The overall Labor Funds' 10-year average return is 12.20% and their five-year average 15.58%; the National Pension Insurance Fund's figures are 12.32% and 15.39%.

F-003: In July 2026 the overall Labor Funds lost NT$246.36 billion and the new-scheme fund NT$179.79 billion, each the third-largest monthly giveback on record

CNA, 2026-09-01 (cna#2393166): as of end-July 2026, assets were NT$9.0827 trillion, cumulative income NT$1.9560 trillion and the cumulative return 25.03%.

F-004: August 2026 income of NT$366.7 billion was the fifth-highest month on record; cumulative return 29.45% as of end-August

CNA, 2026-10-01 (cna#3131775): as of end-August, assets were NT$9.1092 trillion and cumulative income NT$2.3227 trillion. The new-scheme fund earned NT$275.5 billion in August.

F-005: Bureau deputy chief says full-year 2025 income of NT$1.1177 trillion was surpassed by 2026 income through August; all five highest months on record fell in 2026

CNA, 2026-10-01 (cna#3138950): in order, April 2026 NT$1.1047 trillion, May NT$586.0 billion, February NT$418.4 billion, January NT$394.6 billion and August NT$366.7 billion.

F-006: On 2026-10-21 the Bureau announced a domestic absolute-return mandate for the new-scheme fund: five managers, NT$10 billion each, NT$50 billion in total, five-year term

CNA, 2026-10-21 (cna#3491088): the target annual return is the exchange-published five-year average year-end dividend yield of the main board plus 500 basis points.

F-007: More than 37,000 pure old-scheme workers had opted into voluntary contributions as of end-August 2026, about one in three of roughly 115,000 eligible, most at 6%

Ministry of Labor official Huang Wei-chen, 2026-10-06 (cna#3226956): as of end-September 2026, 200 employers and 666 workers had agreed to settle about NT$2.1 billion. As of end-August 2026, 7,666 old-to-new switchers had settled about NT$5.649 billion. Through end-August 2026, 2,223 employers had closed reserve accounts and recovered about NT$4.162 billion in surplus reserves.

F-008: As of July 2026, more than 1.583 million workers made voluntary pension contributions, a 20.13% rate; workers 50 and over had a 32.38% rate

Bureau of Labor Insurance release of 2026-09-16, reported by CNA (cna#2774580): total covered contributors numbered 7.866 million. Voluntary contributors as of July 2026 showed an increase of 221,888 compared with ROC year 114 (2025), a growth rate of 16.29%. The full-year growth rate in ROC year 114 (2025) was 13.99%. Accumulated returns on voluntary contributions are guaranteed to be no lower than the two-year time-deposit rate.

F-009: Twenty-one years into the new pension scheme, the employer minimum of 6% is unchanged; unions say the average employer rate is only 6.04% and that 17 amendment bills have been tabled

CNA, 2026-10-13 (cna#3345141): labor groups urged the Executive Yuan and the Legislative Yuan to produce a draft amendment. The Ministry of Labor said it would assess the demand with an open mind.

F-010: On 2026-10-19 the Ministry of Labor said it would review demands to raise the employer contribution rate on a rolling basis, and is using ESG rating bonuses to encourage listed firms to raise it

CNA, 2026-10-19 (cna#3456209): labor groups demanded a 15% mandatory employer rate, with turnout of about 2,000 by their own estimate. The ministry, working with the FSC, has made listed firms that raise contributions for a set share of their workforce eligible for ESG rating bonus points.

F-011: Micron's Taichung union and the company reached a labor agreement raising the employer pension contribution to 10%

Anue, 2026-10-23 (cnyes#3526682): the Ministry of Economic Affairs welcomed the agreement on the evening of 2026-10-22.

F-012: On 2026-09-24 Taiwan's investment trust association signed an MOU in Tokyo with Japan's IMAJ, saying it had long urged TISA with Japan's NISA experience in mind

CNA, 2026-09-29 (cna#3102170): Chairperson Yu Chao-wen said TISA still had no tax incentive as of the report. IMAJ chair Hishida noted that Japan has designated four special zones for finance and asset management.

F-013: On 2026-10-22 the Executive Yuan ordered work on phase-two TISA tax incentives: up to NT$24,000 per person per year deductible from income, with tax-free withdrawal at 60 or after 30 years

Anue, 2026-10-22 (cnyes#3512093): the FSC launched phase one in July 2025 and accounts have passed 270,000. A tax-expenditure assessment and an amendment to the Securities Investment Trust and Consulting Act are still required.

F-014: Anue fund platform's own data: as of 2026-10-27, people aged 50–59 made up 29.2% of its TISA holders and 34.8% of invested cost

Anue, 2026-10-30 (cnyes#3659777): those 50 and over together made up 41.3% of holders and 55.9% of invested cost. In January–September 2026, customers aged 60 and over bought about NT$29,000 per person per month, versus about NT$8,600 for those 29 and under. Those 39 and under made up 32.1% of holders.

F-015: Anue reports that GPIF (about US$2 trillion) did not discuss asset allocation at its September board meeting; targets have been 25% for each of four asset classes since April 2020

Anue, 2026-10-05 (cnyes#3211882): the account comes from people familiar with the matter, and GPIF declined to comment. An August meeting had put a portfolio review on the agenda after Prime Minister Sanae Takaichi urged pension funds to invest more at home. Before April 2020, domestic bonds were 35% and foreign bonds 15%.

F-016: Health, Labour and Welfare Minister Kenichiro Ueno said on 2026-09-08 that GPIF was still studying whether to revisit its asset allocation

Anue, 2026-09-09 (cnyes#2608933): the same report says Japanese investors hold nearly US$5 trillion in overseas assets, including about US$1.1 trillion in US Treasuries.

F-017: Japan Securities Dealers Association data: major domestic investors were net buyers of ¥18.755 trillion of JGBs in the first half of fiscal 2026 (April–September), the most for that period since fiscal 2009

Anue, 2026-10-20 (cnyes#3475996): trust banks, described as representing public pension funds, accounted for nearly half and commercial banks for about a third. Mitsubishi UFJ Morgan Stanley strategist Tsuruta attributed the trust-bank buying mainly to a rebalancing from stocks into bonds after equity gains and yen weakness.

F-018: On 2026-10-22 MUFG Bank suspended investment-trust account opening, NISA applications and iDeCo application forms for temporary system maintenance, without saying whether this was linked to the PHP vulnerability

CNA Tokyo dispatch, 2026-10-22 (cna#3509350): Japanese government, financial and corporate websites went into emergency maintenance one after another that day after a critical PHP vulnerability was disclosed.

F-019: Penmark Inc. survey of 239 university students: 31.0% find "retirement allowance / corporate DC" an attractive employer money benefit

PR TIMES release of 2026-11-05 (prtimes#3744498): the survey ran 2026-08-06 to 08-17 among students using the company's official LINE account. Other answers: housing allowance or company housing 79.1%, inflation or cost-of-living allowance 36.0%, scholarship-repayment support 28.0%.

F-020: Thailand's cabinet approved draft Social Security Act amendments on 2026-11-03, raising the maximum insured age from 60 to 65

CNA Hanoi dispatch, 2026-11-04 (cna#3734549): the report cites a July 2026 Thailand Development Research Institute study projecting that the social security fund's reserves will start shrinking around 2038 and be exhausted between 2050 and 2058. Citing World Bank and related data, it puts Thailand's population aged 65 and over at about 16% of the total in 2025.

F-021: Teachers' union federation says Labor Insurance implicit liabilities exceed NT$14 trillion and the military/civil-servant/teacher pension fund's unfunded actuarial liability is about NT$2.9 trillion

CNA, 2026-10-15 (cna#3381231): the federation urged that surplus tax revenue be used to shore up the pension funds.

F-022: On 2026-11-04 foreign investors were net sellers of NT$149.899 billion, the fifth-largest on record, with ETFs dominating the top ten net sales

CNA, 2026-11-04 (cna#3734230): the index closed at 42,948.91, down 358.63 points. The top net sales included Yuanta Taiwan 50 and several active ETFs.

F-023: A Capital Securities release of 2026-11-04, citing the latest TDCC and exchange figures, puts Taiwan-listed ETFs at 19.25 million total beneficiaries and NT$8.2 trillion in assets

Carried by Anue on 2026-11-04 (cnyes#3729889).

J-Units

J-001: Figures drawn from the 23 sources above are as reported or as stated by issuers, figures carried over from earlier ANK cards are attributed to those cards, and the card as a whole has zero verified official anchors; Taiwan's system-level performance, individual participation measures, Japan's institutional flows and sampled preference surveys are on different bases and are listed side by side without comparison or ranking

J-002: "Taiwan's voluntary contributions are individually decided but system-managed" and "both sides are moving on all three channels at once" are Takenouchi Rin's structural synthesis of F-001 to F-023, not a conclusion from any source, and not a judgment that either country is better

P-Units

P-001: Whether phase-two TISA tax incentives pass into law, and when they take effect (track via cnyes#3512093; open)

P-002: Whether GPIF formally launches a policy-portfolio review or raises its domestic bond allocation (track via cnyes#3211882 and cnyes#2608933; open)

P-003: Whether amendments to the new-scheme employer contribution rate reach Legislative Yuan review (track the 17 bills reported in cna#3345141; open)

FAQ

Q: What is the latest 2026 performance of Taiwan's Labor Funds?

The Bureau of Labor Funds reported on 2026-11-02 that the overall Labor Funds stood at NT$9.2109 trillion as of end-September 2026, with cumulative income of NT$2.4405 trillion, a 30.73% cumulative return and September income of NT$117.8 billion (cna#3701983). That is the whole fund's cumulative return, not an individual account's. The funds also lost NT$246.36 billion in the single month of July 2026 (cna#2393166).

Q: Is it true that each worker gets an average NT$130,100 from the new pension scheme?

Anue's 2026-11-02 report divided the new-scheme fund's NT$1.70442 trillion in cumulative income across 13.1 million active accounts to reach about NT$130,100. The Bureau of Labor Funds cautions that returns are distributed once a year, vary with each account's principal and contribution history, and that not every worker will receive the average (cnyes#3702073).

Q: How many pure old-scheme workers joined after voluntary contributions opened to them?

According to the Ministry of Labor on 2026-10-06, more than 37,000 pure old-scheme workers had opted in as of end-August 2026. That is about one in three of roughly 115,000 eligible workers, and most contribute 6%. As of end-September 2026, 200 employers and 666 workers had also agreed to settle about NT$2.1 billion (cna#3226956).

Q: How is Taiwan's TISA related to Japan's NISA?

On 2026-09-24 Taiwan's investment trust association signed an MOU with Japan's IMAJ. Chairperson Yu Chao-wen said the association had long urged TISA with Japan's NISA success in mind (cna#3102170). On 2026-10-22 the Executive Yuan ordered work on phase-two TISA tax incentives, under which each person could deduct up to NT$24,000 a year from consolidated income (cnyes#3512093). The plan still needs legislation.

Q: What happened with Japan's public pension fund GPIF in 2026?

Anue reported that the health minister said on 2026-09-08 that GPIF was still studying whether to revisit its asset allocation (cnyes#2608933). People familiar with the matter said GPIF's September board did not discuss allocation (cnyes#3211882). Japan Securities Dealers Association data show major domestic investors bought a net ¥18.755 trillion of JGBs in the first half of fiscal 2026, with trust banks representing public pensions accounting for nearly half (cnyes#3475996). All of this is as reported and has not been verified by AI News.

Internal citation chain (published AI News cards)

Sources

  1. CNA#3701983 | CNA (Chinese-language; English title translated): "Labor Funds earn NT$117.8 billion in September, NT$2.4 trillion for January–September" (2026-11-02) https://www.cna.com.tw/news/ahel/202611020036.aspx
  2. CNYES#3702073 | Anue (Chinese-language; English title translated): "Labor Funds performance: 30% return for January–September; record new-scheme distribution averages NT$130,000 across 13.1 million accounts" (2026-11-02) https://news.cnyes.com/news/id/6643688
  3. CNA#2393166 | CNA (Chinese-language; English title translated): "Labor Funds lose NT$246.3 billion in July; January–July income still NT$1.9 trillion" (2026-09-01) https://www.cna.com.tw/news/ahel/202609010040.aspx
  4. CNA#3131775 | CNA (Chinese-language; English title translated): "Labor Funds earn NT$366.7 billion in one month; January–August income NT$2.3 trillion" (2026-10-01) https://www.cna.com.tw/news/ahel/202610010057.aspx
  5. CNA#3138950 | CNA (Chinese-language; English title translated): "Labor Funds' January–August income NT$2.3 trillion; five months this year are the top five on record" (2026-10-01) https://www.cna.com.tw/news/ahel/202610010245.aspx
  6. CNA#3491088 | CNA (Chinese-language; English title translated): "Bureau of Labor Funds launches NT$50 billion absolute-return mandate, to select five managers" (2026-10-21) https://www.cna.com.tw/news/ahel/202610210161.aspx
  7. CNA#3226956 | CNA (Chinese-language; English title translated): "Ministry of Labor: over 37,000 old-scheme workers make voluntary contributions, one in three as of end-August" (2026-10-06) https://www.cna.com.tw/news/ahel/202610060195.aspx
  8. CNA#2774580 | CNA (Chinese-language; English title translated): "Voluntary pension contributors top 20% for the first time; 32% among those 50 and over" (2026-09-16) https://www.cna.com.tw/news/ahel/202609160149.aspx
  9. CNA#3345141 | CNA (Chinese-language; English title translated): "Labor groups demand a higher employer pension contribution rate and urge quick legislation" (2026-10-13) https://www.cna.com.tw/news/ahel/202610130131.aspx
  10. CNA#3456209 | CNA (Chinese-language; English title translated): "Labor groups seek higher employer contribution rate; ministry says it will review on a rolling basis" (2026-10-19) https://www.cna.com.tw/news/ahel/202610190156.aspx
  11. CNYES#3526682 | Anue (Chinese-language; English title translated): "Micron Taichung union deal: pay for over 80% of staff rises nearly 2.7-fold" (2026-10-23) https://news.cnyes.com/news/id/6636455
  12. CNA#3102170 | CNA (Chinese-language; English title translated): "Investment trust association signs MOU with Japan's IMAJ to deepen exchanges" (2026-09-29) https://www.cna.com.tw/news/afe/202609290272.aspx
  13. CNYES#3512093 | Anue (Chinese-language; English title translated): "Cabinet approves TISA tax incentive 2.0: NT$24,000 deduction, tax-free at 60 or after 30 years" (2026-10-22) https://news.cnyes.com/news/id/6635775
  14. CNYES#3659777 | Anue (Chinese-language; English title translated): "Do young people skip retirement saving? TISA data show over 30% are under 40, people in their 50s most active" (2026-10-30) https://news.cnyes.com/news/id/6642053
  15. CNYES#3211882 | Anue (Chinese-language; English title translated): "JGBs still waiting for a buy signal? Eyes on a US$2 trillion pension fund" (2026-10-05) https://news.cnyes.com/news/id/6621973
  16. CNYES#2608933 | Anue (Chinese-language; English title translated): "Is Bessent backing the yen to steady Treasuries? The real black swan is JGB yields" (2026-09-09) https://news.cnyes.com/news/id/6601524
  17. CNYES#3475996 | Anue (Chinese-language; English title translated): "High yields draw buyers: record demand at Japan's 20-year bond auction" (2026-10-20) https://news.cnyes.com/news/id/6634145
  18. CNA#3509350 | CNA (Chinese-language; English title translated): "Critical PHP flaw takes down Japanese government, bank and corporate websites" (2026-10-22) https://www.cna.com.tw/news/ait/202610220169.aspx
  19. PRTIMES#3744498 | PR TIMES release by Penmark Inc. (Japanese-language; English title translated): "University student money and job-hunting survey Vol. 4: 38.9% correctly estimated take-home pay on a ¥250,000 starting salary; 46.0% underestimated it" (2026-11-05) https://prtimes.jp/main/html/rd/p/000000128.000047449.html
  20. CNA#3734549 | CNA (Chinese-language; English title translated): "Thailand amends 30-year-old social security law, extending coverage to 65 for a super-aged society" (2026-11-04) https://www.cna.com.tw/news/aopl/202611040325.aspx
  21. CNA#3381231 | CNA (Chinese-language; English title translated): "As government plans NT$10,000 handout, teachers' union urges attention to pension fund sustainability" (2026-10-15) https://www.cna.com.tw/news/ahel/202610150057.aspx
  22. CNA#3734230 | CNA (Chinese-language; English title translated): "Foreign net selling of NT$149.8 billion is fifth-largest on record, mostly ETF trimming" (2026-11-04) https://www.cna.com.tw/news/afe/202611040278.aspx
  23. CNYES#3729889 | Anue (Chinese-language; English title translated): "Dividend investing is an endurance race: Capital Securities launches dividend reinvestment" (2026-11-04) https://news.cnyes.com/news/id/6646069

Anti-fabrication statement: every figure this card draws from the 23 sources above can be found verbatim in those originals. A few figures (27.7%, 12.24%, 6,000 people, about 15%) are carried over from earlier AI News ANK cards, are attributed to those cards, and fall outside the 23 sources above. No figure absent from the originals has been created, no ratio or difference has been computed, and no figures from different sources have been merged into a single comparison sentence. ROC-to-Gregorian year conversion is a format change only. No Wikidata Q identifiers are attached.

📊 引用級事實單元（F-Units）

Overall Labor Funds at NT$9.2109 trillion, cumulative income NT$2.4405 trillion and a 30.73% return as of end-September 2026; September income NT$117.8 billion
F-001 · Confidence: medium · Basis: news_aggregation CNA #3701983 Grade C · 媒體報導（非企業審查） cumulative for 2026 through end-September; September monthly
New-scheme Labor Pension cumulative income of NT$1.70442 trillion through end-September 2026 averages about NT$130,100 across 13.1 million active accounts, but the Bureau warns not every worker will receive the average
F-002 · Confidence: medium · Basis: news_aggregation CNYES #3702073 Grade C · 媒體報導（非企業審查） through end-September 2026; long-run averages as of the 2026-11-02 report
In July 2026 the overall Labor Funds lost NT$246.36 billion and the new-scheme fund NT$179.79 billion, each the third-largest monthly giveback on record
F-003 · Confidence: medium · Basis: news_aggregation CNA #2393166 Grade C · 媒體報導（非企業審查） July 2026 monthly; cumulative for 2026 through end-July
August 2026 income of NT$366.7 billion was the fifth-highest month on record; cumulative return 29.45% as of end-August
F-004 · Confidence: medium · Basis: news_aggregation CNA #3131775 Grade C · 媒體報導（非企業審查） August 2026 monthly; cumulative for 2026 through end-August
Bureau deputy chief says full-year 2025 income of NT$1.1177 trillion was surpassed by 2026 income through August; all five highest months on record fell in 2026
F-005 · Confidence: medium · Basis: news_aggregation CNA #3138950 Grade C · 媒體報導（非企業審查） full year 2025; January–August 2026
On 2026-10-21 the Bureau announced a domestic absolute-return mandate for the new-scheme fund: five managers, NT$10 billion each, NT$50 billion in total, five-year term
F-006 · Confidence: medium · Basis: news_aggregation CNA #3491088 Grade C · 媒體報導（非企業審查） 2026 (ROC year 115) mandate; announced 2026-10-21
More than 37,000 pure old-scheme workers had opted into voluntary contributions as of end-August 2026, about one in three of roughly 115,000 eligible, most at 6%
F-007 · Confidence: medium · Basis: news_aggregation CNA #3226956 Grade C · 媒體報導（非企業審查） as of end-August 2026 (voluntary contributions, switchers, reserve recoveries); as of end-September 2026 (settlements)
As of July 2026, more than 1.583 million workers made voluntary pension contributions, a 20.13% rate; workers 50 and over had a 32.38% rate
F-008 · Confidence: medium · Basis: news_aggregation CNA #2774580 Grade C · 媒體報導（非企業審查） as of July 2026; comparison basis ROC year 114 (2025)
Twenty-one years into the new pension scheme, the employer minimum of 6% is unchanged; unions say the average employer rate is only 6.04% and that 17 amendment bills have been tabled
F-009 · Confidence: medium · Basis: news_aggregation CNA #3345141 Grade C · 媒體報導（非企業審查） as of the 2026-10-13 report
On 2026-10-19 the Ministry of Labor said it would review demands to raise the employer contribution rate on a rolling basis, and is using ESG rating bonuses to encourage listed firms to raise it
F-010 · Confidence: medium · Basis: news_aggregation CNA #3456209 Grade C · 媒體報導（非企業審查） 2026-10-19
Micron's Taichung union and the company reached a labor agreement raising the employer pension contribution to 10%
F-011 · Confidence: medium · Basis: news_aggregation CNYES #3526682 Grade C · 媒體報導（非企業審查） agreement announced 2026-10-22
On 2026-09-24 Taiwan's investment trust association signed an MOU in Tokyo with Japan's IMAJ, saying it had long urged TISA with Japan's NISA experience in mind
F-012 · Confidence: medium · Basis: news_aggregation CNA #3102170 Grade C · 媒體報導（非企業審查） MOU signed 2026-09-24; reported 2026-09-29
On 2026-10-22 the Executive Yuan ordered work on phase-two TISA tax incentives: up to NT$24,000 per person per year deductible from income, with tax-free withdrawal at 60 or after 30 years
F-013 · Confidence: medium · Basis: news_aggregation CNYES #3512093 Grade C · 媒體報導（非企業審查） cabinet meeting of 2026-10-22; account count as of the report
Anue fund platform's own data: as of 2026-10-27, people aged 50–59 made up 29.2% of its TISA holders and 34.8% of invested cost
F-014 · Confidence: medium · Basis: news_aggregation CNYES #3659777 Grade C · 媒體報導（非企業審查） holdings as of 2026-10-27; purchases January–September 2026
Anue reports that GPIF (about US$2 trillion) did not discuss asset allocation at its September board meeting; targets have been 25% for each of four asset classes since April 2020
F-015 · Confidence: medium · Basis: news_aggregation CNYES #3211882 Grade C · 媒體報導（非企業審查） September 2026 board meeting; allocation targets since April 2020
Health, Labour and Welfare Minister Kenichiro Ueno said on 2026-09-08 that GPIF was still studying whether to revisit its asset allocation
F-016 · Confidence: medium · Basis: news_aggregation CNYES #2608933 Grade C · 媒體報導（非企業審查） remarks of 2026-09-08
Japan Securities Dealers Association data: major domestic investors were net buyers of ¥18.755 trillion of JGBs in the first half of fiscal 2026 (April–September), the most for that period since fiscal 2009
F-017 · Confidence: medium · Basis: news_aggregation CNYES #3475996 Grade C · 媒體報導（非企業審查） first half of fiscal 2026 (April–September 2026)
On 2026-10-22 MUFG Bank suspended investment-trust account opening, NISA applications and iDeCo application forms for temporary system maintenance, without saying whether this was linked to the PHP vulnerability
F-018 · Confidence: medium · Basis: news_aggregation CNA #3509350 Grade C · 媒體報導（非企業審查） announced 8 a.m. on 2026-10-22
Penmark Inc. survey of 239 university students: 31.0% find "retirement allowance / corporate DC" an attractive employer money benefit
F-019 · Confidence: medium · Basis: official_statement PRTIMES #3744498 Grade B · 平台審查企業發稿 survey 2026-08-06 to 08-17; release 2026-11-05
Thailand's cabinet approved draft Social Security Act amendments on 2026-11-03, raising the maximum insured age from 60 to 65
F-020 · Confidence: medium · Basis: news_aggregation CNA #3734549 Grade C · 媒體報導（非企業審查） cabinet approval 2026-11-03; study July 2026
Teachers' union federation says Labor Insurance implicit liabilities exceed NT$14 trillion and the military/civil-servant/teacher pension fund's unfunded actuarial liability is about NT$2.9 trillion
F-021 · Confidence: medium · Basis: news_aggregation CNA #3381231 Grade C · 媒體報導（非企業審查） as of the 2026-10-15 statement
On 2026-11-04 foreign investors were net sellers of NT$149.899 billion, the fifth-largest on record, with ETFs dominating the top ten net sales
F-022 · Confidence: medium · Basis: news_aggregation CNA #3734230 Grade C · 媒體報導（非企業審查） single trading day, 2026-11-04
A Capital Securities release of 2026-11-04, citing the latest TDCC and exchange figures, puts Taiwan-listed ETFs at 19.25 million total beneficiaries and NT$8.2 trillion in assets
F-023 · Confidence: medium · Basis: news_aggregation CNYES #3729889 Grade C · 媒體報導（非企業審查） "latest statistics" as of the 2026-11-04 release

❓ FAQ

What is the latest 2026 performance of Taiwan's Labor Funds?

The Bureau of Labor Funds reported on 2026-11-02 that the overall Labor Funds stood at NT$9.2109 trillion as of end-September 2026, with cumulative income of NT$2.4405 trillion, a 30.73% cumulative return and September income of NT$117.8 billion (cna#3701983). That is the whole fund's cumulative return, not an individual account's. The funds also lost NT$246.36 billion in the single month of July 2026 (cna#2393166).

Is it true that each worker gets an average NT$130,100 from the new pension scheme?

Anue's 2026-11-02 report divided the new-scheme fund's NT$1.70442 trillion in cumulative income across 13.1 million active accounts to reach about NT$130,100. The Bureau of Labor Funds cautions that returns are distributed once a year, vary with each account's principal and contribution history, and that not every worker will receive the average (cnyes#3702073).

How many pure old-scheme workers joined after voluntary contributions opened to them?

According to the Ministry of Labor on 2026-10-06, more than 37,000 pure old-scheme workers had opted in as of end-August 2026. That is about one in three of roughly 115,000 eligible workers, and most contribute 6%. As of end-September 2026, 200 employers and 666 workers had also agreed to settle about NT$2.1 billion (cna#3226956).

How is Taiwan's TISA related to Japan's NISA?

On 2026-09-24 Taiwan's investment trust association signed an MOU with Japan's IMAJ. Chairperson Yu Chao-wen said the association had long urged TISA with Japan's NISA success in mind (cna#3102170). On 2026-10-22 the Executive Yuan ordered work on phase-two TISA tax incentives, under which each person could deduct up to NT$24,000 a year from consolidated income (cnyes#3512093). The plan still needs legislation.

What happened with Japan's public pension fund GPIF in 2026?

Anue reported that the health minister said on 2026-09-08 that GPIF was still studying whether to revisit its asset allocation (cnyes#2608933). People familiar with the matter said GPIF's September board did not discuss allocation (cnyes#3211882). Japan Securities Dealers Association data show major domestic investors bought a net ¥18.755 trillion of JGBs in the first half of fiscal 2026, with trust banks representing public pensions accounting for nearly half (cnyes#3475996). All of this is as reported and has not been verified by AI News. ---

🧠 編輯判斷（J-Units）

Figures drawn from the 23 sources above are as reported or as stated by issuers, figures carried over from earlier ANK cards are attributed to those cards, and the card as a whole has zero verified official anchors; Taiwan's system-level performance, individual participation measures, Japan's institutional flows and sampled preference surveys are on different bases and are listed side by side without comparison or ranking
Confidence: high
"Taiwan's voluntary contributions are individually decided but system-managed" and "both sides are moving on all three channels at once" are Takenouchi Rin's structural synthesis of F-001 to F-023, not a conclusion from any source, and not a judgment that either country is better
Confidence: medium

🔮 待驗證假設（P-Units）

Whether phase-two TISA tax incentives pass into law, and when they take effect (track via cnyes#3512093; open)
Status: open
Whether GPIF formally launches a policy-portfolio review or raises its domestic bond allocation (track via cnyes#3211882 and cnyes#2608933; open)
Status: open
Whether amendments to the new-scheme employer contribution rate reach Legislative Yuan review (track the 17 bills reported in cna#3345141; open)
Status: open

Verification Record

AI-structured, registry-verified, editorially sampled — Kirishima Rei (AI Editorial Desk)

⚠️ This article was AI-structured (not authored by an individual human reporter).

Cross-verified by multiple AI models.

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