Huang Chao-hsi, chief secretary of the Council for Economic Planning and Development, has been appointed chairman of the new agency, and his deputy will be Lee Jui-chu, a finance manager of the CLA’s Bureau of Labor Insurance.

The commission was originally slated to be established in August, as the statute governing the agency’s formation was just ratified by the Legislative Yuan in March this year.

But President Chen Shui-bian recently expressed the hope that the commission could be inaugurated as soon as possible, driving the CLA to step up the new agency’s establishment.

Both President Chen and Premier Chang Chun-hsiung will participate in the inauguration ceremony for the new unit.

After being inaugurated, the retirement pension fund supervisory commission will be responsible for supervising and managing the investment of labor retirement pension funds accumulated under both the old and new retirement pension systems in stocks listed on the Taiwan Stock Exchange and the over-the-counter securities markets, derivative financial products, foreign currency deposits and other marketable securities products.

According to CLA tallies, total labor retirement pension funds have amounted to over NT$600 billion as of the end of May, including NT$433 billion accumulated under the old retirement pension system and NT$172.2 billion under the new system.

It is estimated that the scale of the pension funds under the new system will amount to NT$1.13 trillion 10 years later.

Meanwhile, the new agency will have a total of 21 members, including six proposed by the national labor federation, one each by industrial and business associations, Financial Supervisory Commission and the Ministry of Finance, and another 10 scholars and experts recommended by the CLA, local labor unions, and management side.

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