The Ministry of Labor’s Bureau of Labor Funds on Wednesday (Nov. 2) released its latest investment results. As of the end of September, the overall Labor Funds posted book gains of NT$2.4405 trillion (approximately $74.9 billion), a return of 30.73%, with assets growing to NT$9.2109 trillion (approximately $282.9 billion). Among them, the New Labor Pension Fund, which is tied to the retirement savings of office workers across Taiwan, accumulated gains of NT$1.70442 trillion (approximately $52.3 billion) in the first nine months. Based on the roughly 13.1 million valid accounts currently participating in profit distribution, the average dividend per worker came to NT$130,100 (approximately $4,000), crossing the NT$130,000 threshold for the first time and setting a historic record.
In September alone, the overall Labor Funds added another NT$117.81 billion (approximately $3.6 billion), marking a second consecutive month of positive returns. August and September together contributed NT$484.5 billion (approximately $14.9 billion) in gains, driving both the gain figure and the return rate higher. The New Labor Pension Fund’s assets have reached NT$6.0622 trillion (approximately $186.2 billion), with a 30.43% return in the first nine months and roughly NT$80.7 billion (approximately $2.5 billion) in gains for the month.
Looking at performance by fund, the Old Labor Pension Fund led with a 44.16% return, accumulated gains of NT$411.22 billion (approximately $12.6 billion) and assets of NT$1.2117 trillion (approximately $37.2 billion). The Labor Insurance Fund posted a 27.14% return, gains of NT$315.69 billion (approximately $9.7 billion) and assets of NT$1.6812 trillion (approximately $51.6 billion). The Employment Insurance Fund had assets of NT$190.2 billion (approximately $5.8 billion) and a 2.73% return; the Labor Occupational Accident Insurance Fund had assets of NT$38.7 billion (approximately $1.2 billion) and a 1.51% return; and the Wage Arrears Payment Fund had assets of NT$26.9 billion (approximately $826.1 million) and a 17.33% return.
Among the entrusted funds, the National Pension Insurance Fund had assets of NT$914.4 billion (approximately $28.1 billion) and a 29.57% return; the Farmers’ Pension Fund had assets of NT$32.5 billion (approximately $998.1 million) and a 40.72% return, also sharing in the gains from financial market growth.
Note: Data are through the end of September; accumulated gains are book gains. The source did not disclose accumulated gain figures for the Employment Insurance, Labor Occupational Accident Insurance, Wage Arrears Payment, National Pension Insurance and Farmers’ Pension funds, indicated by “—”.
Reviewing the September market environment, tensions in the Middle East pushed up international energy prices, deepening concerns about global inflation and economic growth. The U.S. Federal Reserve resumed rate hikes to curb inflation, driving the dollar higher and U.S. Treasury yields up. International stock markets were mixed, with some markets under pressure from valuation corrections. Taiwan’s stock market, meanwhile, benefited from strong demand in the semiconductor and artificial intelligence (AI) supply chains, with the index holding near highs but with wider swings and capital concentrated in a handful of large-cap electronics stocks, reflecting a divergence in market structure.
The Bureau of Labor Funds explained that each fund has different permissible investment targets due to differing characteristics and regulatory restrictions, and therefore different investment returns. The overall Labor Funds aim for long-term stable returns, allocating across domestic and foreign equities, bonds and alternative assets, using diversification to reduce the impact of market volatility.
Looking at long-term performance, the overall Labor Funds posted an average return of 12.20% over the past 10 years (2016 through September 2026) and 15.58% over the past five years; the National Pension Insurance Fund averaged 12.32% and 15.39% over the same 10-year and five-year periods, respectively.
On the outlook, the International Monetary Fund (IMF) on Oct. 13 released its World Economic Outlook report, revising its global growth forecast for this year up to 3.1% from 3% in July, mainly because an AI-driven investment boom offset part of the impact of surging energy costs. Domestically, the Chung-Hua Institution for Economic Research on Oct. 17 released its fourth-quarter forecast for Taiwan’s economy, projecting full-year 2026 growth of 12.16%, driven mainly by investment in the technology sector and expanding export demand.
The Bureau of Labor Funds said the direction of monetary policy in major economies, the outlook for AI development and geopolitical risks remain uncertain. It will continue to monitor global political and economic conditions, review its allocation strategy and dynamically adjust investment positions to enhance the funds’ long-term investment performance.
It is worth noting that earnings in New Labor Pension Fund accounts are distributed once a year. The NT$130,100 figure is an overall average; the actual amount credited depends on each worker’s accumulated principal, the length of the contribution period and the timing of capital deployment, so not every worker will receive the same amount. In addition, funds must still meet the eligibility requirements for labor pension withdrawals before they can be claimed.