News
Labour funds suffer NT$470 billion in losses
The Ministry of Labour reported that a group of labour funds managed by the Bureau of Labour Funds had suffered massive losses of more than NT$470 billion (US$15.67 billion) as of the end of March, when equity markets at home and abroad plunged amid an escalation of the Covid-19 pandemic.
Bureau officials said that as many major economies moved to impose lockdowns in efforts to contain the disease, it caused a scaleback of production, undermined the global supply chain, and hurt consumption, which plunged financial markets worldwide downward in the month.
In addition to the weakness of the equity markets, the global bond market also took a beating, which also forced the labour funds managed by the bureau into the red in March, as investors preferred to hold on to as much cash as possible.
