Average rate of wages in Taiwan rose at end of 2023

The average monthly wages in Taiwan during the last two months of 2023 rose 2.11% from the year before, reaching the amount of NT$45,610 (US$1,467). Meanwhile, the average total wages, including overtime pay, performance-based commissions and bonuses, increased 0.84 % to NT$51,911, (US$1,669.67), said the Directorate-General of Budget, Accounting and Statistics (DGBAS).

In the first 11 months of last year, average monthly wages grew 2.45 % to NT$45,457 (US$1462.80), while total monthly wages expanded 1.47 % to NT$58,598 (US$1884.75), the agency said. Both aspects slipped into negative territory after factoring in inflation, said Chen Hui-hsin, Deputy Director at the Census Department. She attributed the blame to poor exports and consumer price hikes, reported Taipei Times.

The DGBAS also said the job market in November showed a mild improvement, with an increase in hiring in the industrial and services sectors rising to 0.05 %, or by 5,000 people. This totalled  to 8.19 million people, even though manufacturers shed 1,000 staff, Chen said. She hesitated to confirm if the manufacturing industry is coming out of the woods, saying that longer observation was necessary to pass final judgment.

Employees are also spending more time in the office with a calculated range of 14.8 hours for the month, an increase of 1.3 hours from a year earlier but lower than an average of 15 to 16 hours a month seen during past economic upturns, Chen said.

Meanwhile, job vacancies this month grew to 1.02 million, a record high for the same period, as hospitality operators, retailers, wholesale and direct-sales firms continue to enjoy robust business, 104 Job Bank, an online job platform, said.

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It is the 11th consecutive month that the number of vacancies stands above one million, the job bank said.