Average monthly take-home pay rose 2.65 percent to NT$40,933 (US$1,328) in July, the highest for the month in 19 years, as companies raised compensation for employees amid continued economic improvement, the Directorate-General of Budget, Accounting and Statistics (DGBAS) said yesterday.
“It was the eighth consecutive month that wage gains exceeded 2 percent, as firms showed more willingness to share earnings increases with their employees,” DGBAS Deputy Director Pan Ning-hsin (潘寧馨) told a media briefing.
Stronger-than-expected GDP growth, which reached 3.2 percent in the first half of this year, lent support to the wage hikes, the agency said in its monthly report.
The figures did not include overtime pay, performance bonuses or other non-regular benefits, which averaged NT$10,736 in July, the agency said.
Total compensation averaged NT$51,669, as some firms distributed mid-year bonuses, Pan said.
Listed firms saw their revenues increase 8.29 percent to NT$1.93 trillion in the first half of the year, while pretax income jumped 17.48 percent to NT$1.93 trillion, government data showed.
Makers of plastic products, high-performance chips and other electronic components underpinned the growth thanks to strong demand, the agency said.
About 32 percent of firms had raised wages as of May, higher than 28.2 percent a year earlier, Pan said.
He has yet to spot turnabout signs in pay adjustments related to the trade war between the US and China, he added.
Many Taiwanese firms have operations in China and could face unfavorable trade terms if Washington expands the tariffs.
In the first seven months, take-home pay averaged NT$40,769 a month, up 2.55 percent from a year earlier, while total wages rose 4.08 percent to NT$54,892, the agency said.
Real take-home pay came in at NT$38,105 per month after factoring in the 0.88 inflation during the period, the report said.
POOR INTERNAL CONTROLS: Insurance Bureau Director-General Shih Chiung-hwa said the company is expected to get back on track while its chairman is suspended The Financial Supervisory Commission (FSC) yesterday fined Shin Kong Life Insurance Co (新光人壽) NT$27.6 million (US$939,415) for a reckless investment that endangered its solvency, and suspended its chairman Eugene Wu (吳東進) for poor supervision. The penalty is the second-highest in a single case after Nan Shan Life Insurance Co (南山人壽) was fined NT$30 million in September last year and its chairman Du Ying-tzyong (杜英宗) suspended for two years, the commission said. In three rounds of special and regular examinations conducted since last year, the commission found that Shin Kong Life had given too much power to an asset and liability management committee
Tesla Inc is planning to ship vehicles made at its Shanghai Gigafactory to other markets in Asia and Europe, people familiar with the matter said, as the company looks to realize its plan to reduce shipping costs and manufacture vehicles closer to customers. China-built Tesla Model 3s intended for delivery outside China would likely start mass production in the fourth quarter of the year, the people said, asking not to be identified because the details are private. They said the markets targeted include Singapore, Australia and New Zealand, as well as Europe, where customers currently have to wait for a Tesla to
Nano-X Imaging Ltd, a start-up founded by Israeli investor Ran Poliakine, is joining forces with South Korean chipmaker SK Hynix Inc to build a machine that could disrupt a century-old X-ray industry. Valued at about US$2 billion after listing on the NASDAQ last month, Nano-X is seeking to transform a multibillion-dollar industry that has essentially relied on the same technology since Nobel Prize in Physics winner Wilhelm Roentgen discovered X-rays in the late 19th century. Nano-X’s device uses semiconductors instead of metal filaments to generate X-rays. The backing of SK Hynix, the world’s second-largest maker of memory chips, is a boost for
Continental AG, which makes control units for Daimler AG cars, cannot pursue antitrust claims against a group of patent owners, including Qualcomm Inc, which are seeking royalties on telecommunications technology, a federal judge in Texas ruled. Avanci LLC, a licensing pool formed by Qualcomm, Nokia Oyj, Sharp Corp and other owners of patents on technology standards, is not breaching antitrust laws when it negotiates license agreements with automakers rather than the component makers, Barbara Lynn, chief district judge for the Northern District of Texas, said in dismissing the suit in a decision posted on Friday. The licensing group charges US$15 per vehicle