Employees in Taiwan less optimistic about pay raise in 2023

A survey in Taiwan cited a weaker economic growth and employment outlook next year as the reasons for the downbeat sentiment.
By: | December 22, 2022
Topics: Compensation and Benefits | News | Taiwan

The majority of employees in Taiwan are not expecting a pay raise in 2023, according to survey findings by financial service and insurance firm Cathay Financial Holdings.

The survey found an increase in employees who are less optimistic about receiving pay raises. Some 59% of respondents expected their wages to remain unchanged in 2023, an increase from 49.5% of respondents who expected no increase in their pay this year.

Out of 19,052 respondents, 33% of them anticipated wage increases next year, which was lower than the 44% of respondents who indicated similarly in the previous survey.

Some 8.8% of employees expected wage cuts in 2023, up from 6.2% in the previous survey. Meanwhile, 55% of respondents expected to receive one to three months’ wages as their year-end bonus.

READ: Taiwan doles out NT$1.35 billion to cover workers’ wage hikes

Amid a weaker outlook for economic growth and employment next year, there were 37% of employees who expected Taiwan’s labour market to worsen over the next six months, compared with 35.5% who predicted no changes in the market, and 19% who expected improvements in the labour market.