Bureau of Labor Funds

Yu-Ching Su serves as Director General, the top executive role. Deputy Director General Keng-Wei Hsu holds a senior investment position supporting the Director General. The Bureau's investment committee includes external experts alongside representatives from labor, employers, and the government, per Taiwan's tripartite governance model for labor funds.

The BLF is an agency of the Ministry of Labor, established in 2014 to consolidate the management of Taiwan's labor pension and insurance funds. It operates under the Ministry's supervision and its budget is subject to legislative review. The Ministry is the founding and overseeing entity, not a separate parent company.

The Bureau manages six labor-related funds, the largest three being the Labor Pension Fund (New Scheme), the Labor Retirement Fund (Old Scheme), and the Labor Insurance Fund. Together these represent the majority of Taiwan's mandatory retirement savings and social insurance reserves for private-sector workers.

The BLF has built a public ESG commitment over several years: it pledged support for the TCFD framework in November 2023, joined the Asia Corporate Governance Association in May 2025, and became a member of the Asia Investor Group on Climate Change in July 2025. These memberships signal integration of climate and governance factors into manager selection and stewardship practices.

The BLF allocates across domestic real estate (mixed-use properties in Taiwan), a global sustainable real estate securities mandate, commodity and natural resource exposures, and commitments to private equity, infrastructure, and credit funds. International alternatives are accessed through external manager mandates awarded by public tender.

The BLF uses both approaches. Its domestic real estate portfolio consists of direct mixed-use property holdings in Taiwan. For international alternatives, it issues mandates to external managers through a formal procurement process, committing to funds rather than buying assets directly.

It is a public pension fund and social insurance reserve manager, not a sovereign wealth fund. It invests mandatory contributions from Taiwan's labor force and employers, with liabilities tied to retirement payouts and insurance claims. It does not manage fiscal surpluses or commodity revenues like a typical sovereign wealth fund.