Taiwanese Workers Battle AIG Over $437M Pension Fund

http://www.inthesetimes.com/working/entry/4787/taiwanese_workers_battle_aig_over_437m_pension_fund/

Thursday
August 20
1:59 pm


A man walks past the Taiwan Nan Shan Life Insurance building, a subsidiary of the troubled global insurance giant American International Group (AIG), in Taipei. (Photo by AFP/Getty Images)

Insurance agents at Nan Shan Life of Taiwan scored a preliminary victory in their battle to retain control of their pension funds when the company changes ownership.

Disgraced insurance giant AIG is trying to auction off Nan Shan, Taiwan’s second largest life insurer.

Last week, Nan Shan’s union said it would not rule out a strike to safeguard its pension plan.

The union’s 36,000 members want to stop AIG from treating the $437 million pension fund as an asset of Nan Shan to be sold off to the highest bidder.

The union says that the fund is not AIG’s to sell. When a company pays into a worker’s pension fund, that money belongs to the person who earned it. The union is making its case to the public in front page newspaper ads.

Taiwan’s top financial regulator gave the union a preliminary victory this week when he ruled that the pension dispute must be settled before Nan Shan can change hands.

FULL story at link.