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Economic conditions

Taiwan Aims to Reduce Unemployment Rate to 4.5% with Job Creation Plan

Strategic Insights

— 1 min read

The Taiwanese government, led by Council of Labor Affairs (CLA) Minister Wang Ju-hsuan, is set to create over 200,000 jobs this year to combat unemployment. The jobs are part of a NT$500 billion (US$15 billion) infrastructure spending plan, which aims to reduce the unemployment rate to no higher than 4.5%. The government will achieve this through measures such as restricting foreign labor and prioritizing domestic workers on public construction projects. This initiative comes as the country's unemployment rate stood at 4.64% in November 2008, with over 500,000 people out of work.

Key Takeaways:

  • The Taiwanese government will create over 200,000 jobs this year as part of its NT$500 billion (US$15 billion) infrastructure spending plan.
  • The government aims to reduce the unemployment rate to no higher than 4.5% through various measures, including restricting foreign labor.
  • The number of foreign laborers employed in Taiwan is expected to drop by 30,000 this year as a result of these measures.
  • Currently, there are 365,000 foreign workers in Taiwan, as of the end of December, according to the Council.
  • The government will prioritize domestic workers on public construction projects and restrict the number of foreign laborers that can be hired.
  • The unemployment rate stood at 4.64% in November 2008, with over 500,000 people out of work.
  • CLA Minister Wang Ju-hsuan predicts that if the government does not take action, the unemployment rate will likely exceed 6% this year.

Statistics:

  • NT$500 billion (US$15 billion) - the budget allocated for infrastructure spending over the next four years.
  • 200,000+ - the number of jobs to be created this year.
  • 4.5% - the target unemployment rate.
  • 4.64% - the current unemployment rate as of November 2008.
  • 500,000+ - the number of people out of work as of November 2008.
  • 30,000 - the expected drop in foreign laborers employed in Taiwan this year.
  • 365,000 - the number of foreign workers in Taiwan as of the end of December.

Sources:

  • CNA (Central News Agency) - "Taiwan to Create Jobs, Restrict Foreign Labor" (reference to the original article is not available)
  • CNA (Central News Agency) - "Taiwan's Unemployment Rate Rises to 4.64% in November" (reference to the original article is not available)

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