Applications for the “Labor Relief Loan” are suspended because of exceeding the original quota.
The Ministry of Labor (MOL, 勞動部) launched the "Labor Relief Loan" (勞工紓困貸款) to help reduce the impact of the epidemic on the lives of workers. As of 5 pm of June 18th, 1,109,552 applications have been submitted. Because the number of applications has exceeded the original reserved quota of 500,000, new applications are suspended.
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The Ministry of Labor launched the "Labor Relief Loan". As of 5 pm on June 18, 1,109,552 people have applied. (Photo/provided by the Ministry of Labor)
Covid-19 has spread globally, and in May, Covid-19 cases in Taiwan started to increase, affecting the lives of more than a million people. The Executive Yuan (行政院) intensified its promotion of relief projects and recently rolled out “Relief 4.0”. The project is not only for regular workers but also for performing arts groups and migrant workers.
Based on statistical information from the MOL, in the first two days since the “Labor Relief Loan” started, there have been around 670,000 applications and around 70,000 were approved. By 5pm of June 18, there were more than 1.1 million applications received and the bank has already approved around 350,000 of the applications. The MOL said that since the number of applications have exceeded the original quota of 500,000, the bank has suspended the acceptance of applications.
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Applicants for the “Labor Relief Loan” should be Taiwanese citizens, at least 20 years of age, with a personal income of not more than NT$500,000 in 2017 and in 2018. The maximum amount of the loan for each person is NT$100,000 for 3 years with an interest rate of 1.845%. For more information, please check The Ministry of Labor.
