Taiwan sees average monthly wages rise in recovery

In October, average monthly wages in Taiwan rose 2.31% year-on-year, reaching NT$45,564 (US$1,447.26). Meanwhile, average total wages, including overtime pay, performance-based commissions, and bonuses, increased by 1.35% to NT$51,143 (US$1,624.46).

One of the key findings revealed by the Directorate-General of Budget, Accounting and Statistics (DGBAS) is that, for the first 10 months of 2023, average monthly wages rose by 2.49% from the previous year to NT$45,441 (US$1,443.35). Average total wages also increased by 1.53% to NT$59,270 (US$1,882.60). The real total wages, however, fell 0.87% after adjustment for inflation, as consumer prices continued to outpace wage gains.

The DGBAS also released employment data for the industrial and service sectors, with the number of employees rising 0.08%, or by 7,000 people, to 8.19 million in October. Service-oriented organisations are continuing to recover after the lift of COVID-19 restrictions, while manufacturers remained weighed by a global economic slowdown.

The trend explained why wholesale operators, retailers, hotels and restaurants increased their payroll by 2,000 in October, while manufacturers saw to hire conservatively, Chen Hui-hsin, Census Department Deputy Director, said. Organisations reported hiring or rehiring about 184,000 employees in the month, which was more than the number of people who quit, retired, or lost their jobs to downsizing or business closures at 177,000.

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Overtime hours accumulated rose for the fourth straight month, showing stabilisation, but only time will tell, Chen said.

The National Development Council has said the nation’s economy is entering a fragile recovery that might grow more evident and reliable next year, reported the Taipei Times.