More than 68 percent of people do not believe their salary would increase after the government raises the minimum monthly wage to NT$24,000 (US$830.36) next year, a survey released on Tuesday by Cathay Financial Holding Co (國泰金控) showed.
A Cathay Financial poll conducted in September last year found that 61.9 percent of respondents said that they did not expect a pay increase after the Ministry of Labor announced that it would increase the minimum monthly wage from NT$23,100 to NT$23,800.
The surveys show that a majority of consumers do not think they would benefit from adjustments to the minimum salary, Cathay Financial economic research division manager Nelson Chen (陳志祿) told the Taipei Times by telephone on Wednesday.
Chen attributed the results to declines in employers’ businesses, among other factors.
The latest survey of 23,532 respondents showed that 25 percent of people expected a salary increase of less than 3 percent next year, while 4.6 percent of respondents said they expected an increase of 3 percent to 5 percent, and 1.8 percent predicted an increase of more than 5 percent.
However, 61.8 percent of respondents predicted that their salary would remain unchanged for the next six months, and 39.3 percent forecast a tougher job market, the survey found.
Even so, 29 percent of respondents said they are more willing to make big-ticket purchases, such as travel, and 20.9 percent are interested in buying durable goods, the survey found, compared with 26.7 percent and 18.6 percent a month earlier respectively.
“It is more like compensatory consumption, as many consumers cut budgets earlier this year amid the spread of the COVID-19 pandemic,” Chen said.
Private consumption is expected to continue growing this quarter, but at a slower pace than in the third quarter, as most consumers have already used their Triple Stimulus Vouchers, he said.
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