Record-high lottery sales aid social welfare

Record-high lottery sales aid social welfare

TAIPEI, Taiwan -- The Ministry of Finance (MOF) said that the total amount of sales for the public welfare lottery last year reached a record high of NT$132.2 billion (S$5.77 billion).

The sale of public welfare lottery tickets started in 1999 and has since then accumulated NT$327 billion in profit, the MOF said.

According to the MOF, the profit from the public welfare lottery is divided up and used to supplement National Pension fees, National Health Insurance fees (NHI) and to aid social welfare spending within local governments.

The National Pension has been supplemented with NT$146.6 billion from the lottery's profit. About NT$16.4 billion and NT$164 billion of the profit has been used for the National Health Insurance fee and social welfare expenses, respectively.

Good Will Donations

Around NT$2.7 billion was donated this year by CTBC Bank Co., Ltd. (CTBCB), which currently has the contract to issue lottery tickets in Taiwan. In comparison, last year's donation was approximately NT$2 billion.

The lottery issuer makes a yearly donation to aid subsidy programs and contribute to social welfare, the MOF said.

Employment Opportunities

Public welfare lottery stores provide employment opportunities for disadvantaged groups, the MOF said.

People with disabilities, Taiwan's indigenous peoples and low-income single-parent families are priority candidates for lottery store vendors, said the MOF.

According to the MOF's data, there are currently 59,232 lottery distributors.

Investment Share

The Bureau of Labor Insurance said that investments made through contributions from the new Labor Pension Fund for 2014 amounted to NT$75.3 billion in profit, which a "natural person" has a stake in.

A "natural person" is a legal status authenticated through an application process administered by the Ministry of Interior (MOI).

An employee pays into their pension fund through automatic deductions from their monthly salary and the amount is used to make investments by the Ministry of Labor's Bureau of Labor Funds.

According to the Bureau of Labor Insurance, approximately NT$75.3 billion was made in profit from their investments last year.

In order to receive a share of the profit, a "natural person" can visit the Bureau of Labor Insurance's website or download their app to understand additional details

Starting March 7, more information can also be obtained from the Land Bank, E.sun Bank, Taishin Bank, Fubon Bank, First Bank and the Chunghwa Post Office's ATM.

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