Taiwan to raise limit on migrant worker remittances

Taipei, Dec. 3 (CNA) Amended regulations allowing overseas foreign workers to remit up to NT$500,000 (US$15,370) annually has completed the necessary administrative procedure and could take effect as early as this week, the Financial Supervisory Commission (FSC) said Tuesday.

The revised provisions in the "Regulations Governing Small Amount Remittance Services for Foreign Migrant Workers" are expected to benefit approximately 810,000 migrant workers, who are currently allowed to remit up to NT$400,000 annually from Taiwan.

The FSC, which announced the policy in July, said the move was prompted by increased earnings among migrant workers.

Currently, four institutions are approved by the FSC to process small amount remittances for migrant workers: Digital Idea Multi-Media Co., Ltd., Welldone Company, Eastern Union Interactive Corp. and May-God Human Resource.

Among other revised provisions are those related to requirements for institutions that handle the remittances of migrant workers.

One will require companies handling small amount remittances to have paid-in capital or operating funds in Taiwan of no less than NT$100 million, whereas in the past only institutions exclusively engaged in the business were subject to the NT$100 million threshold.

In addition, the FSC will require companies involved in the business to have responsible persons with experience in banking, electronic payment institutions, financial technology, or employment services.