18% Interest for Public Servants
(2008/12/22 02:28)
Although the world is entering an era of zero interest rates, retired civil servants, soldiers and teachers in Taiwan still receive 18%. If one million dollars is placed in a fixed period account most people would received just NT$14,000 interest a year. A retired civil servants, soldier or teachers would draw NT$180,000, more than 12 times as much.
With the interest rate continually falling, Ms. Wang has been finding it hard to make up her mind where to deposit her savings. She is concerned that her hard earned pension is just going to sit in the bank with no return.
I am a deposit holder, so I am looking to make money from the interest on my fixed account.
With the arrival of zero interest rates many are counting the pennies.
If one million dollars is placed in a fixed period account most people receive NT$14,000 in interest a year or NT$1,204 a month. Retired civil servants, soldiers or teachers receive 18% and draw NT$180,000 a year or NT$15,000 a month, 12 times more.
This super charged interest rate is something most people can only dram about.
At the even 1% is not being offered, never mind 18%. There’s no chance of me getting 18%.
The difference between 1 and 18% in not just numerical, it also represents a real payoff in the real world. Little wonder then that in these difficult times people cannot help but be a little jealous of retired civil servants, soldiers and teachers.
Andrew Wilson, EBC News, Taipei
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