Employees in Taiwan saw wages rise in 2021
About 32% of companies in the industrial and service sectors raised wages, with 34.7% of employers in the industrial sector and 28.7% in the service sector increasing wages last year.
These were the results from a DGBAS survey, which also showed that 76.9% of financial and insurance companies last year raised regular wages of employees, followed by 41.7% in the manufacturing industry.
The pay hikes in the financial sector reflected a booming equity market last year, which boosted the profitability of many financial firms, while export-oriented tech companies raised pay as they benefited from robust global demand for emerging technologies, said Chen Hui-hsin, deputy director of the agency’s Census Department.
Among the employers that raised wages, 50.2% based salary increases on employee performance, while 36.0% considered higher profits, 34.5% followed the government’s minimum wage increase, and 16.8% considered the effects of inflation on their workers.
In the first quarter of the year, 33.6% of employers in the industrial and service sectors said they planned to raise wages, while 67% of companies with a workforce of more than 100 employees had either given pay increases or were planning to do so.
However, there is growing uncertainty about the domestic economy due to high inflation caused by a spike in commodity prices amid the Ukraine invasion and the surge of local COVID-19 cases, Chen said.
Whether wages would remain at their new levels and for how long is uncertain, she said, according to Taipei Times.