TAIPEI (Taiwan News) — Taiwan on Monday launched a labor insurance relief loan program to assist workers facing financial difficulties toward the end of the calendar year.

Under the program, workers who have paid labor insurance contributions for at least 15 years and have no outstanding premiums or late fees may apply for loans of up to NT$100,000 (US$3,200). Applications are open until Jan. 2, per CNA.

Applicants must not have any outstanding labor insurance relief loans. Those already receiving old-age or disability benefits, or labor insurance compensation from relevant agencies, are not eligible to apply.

The Bureau of Labor Insurance said the loan term is three years with an annual interest rate of 2.165%. During the first six months, borrowers are required to pay interest only, with no principal repayment.

From the seventh month onward, both principal and interest will be repaid in equal monthly installments. Eligible workers may apply online, in person, or by mail.

The bureau has entrusted Land Bank of Taiwan to carry out the loan program and reminded borrowers to repay loans on time, noting that overdue payments could result in deductions from insurance payouts in the event of an insured incident, potentially affecting their financial situation.

For more information, workers can contact the Land Bank of Taiwan's customer service hotline at (02) 2314-6633, its branches or designated financial institutions, or call the Bureau of Labor Insurance's service hotline at (02) 2396-1266.