With the economy slowing, only 55.8 percent of Taiwanese companies plan to raise compensation for employees next year, significantly lower than the 68.1 percent surveyed for this year, online job bank yes123 (yes123人力銀行) said yesterday.
The willingness to hike salaries next year is the lowest in six years, as local manufacturers take a hit from sluggish end-market demand, the survey found.
Exports are expected to stay in the contraction mode this quarter and through the first half of next year, the Directorate-General of Budget, Accounting and Statistics predicted last month.
The pay raise for this year averaged 5.5 percent, higher than last year’s 4.4 percent, thanks to an economic boom induced by COVID-19 restrictions, which spurred demand for electronics used for remote work and schooling.
However, only 12.6 percent of companies introduced across-the-board pay raises, as most companies limited the benefit to workers who met performance requirements.
For this year, 44.2 percent of companies said they have no intention of adjusting compensation, yes123 spokesman Yang Tsung-pin (楊宗斌) said.
The survey found that 70.5 percent of restaurants, hotels and recreational facilities are willing to increase pay, taking over the top spot from high-tech companies, which fell to the fifth spot.
Taiwan’s reopening in October sharpened a labor shortage in the tourism sector, as young people favored tech firms.
Transportation and logistics service providers ranked second, with 67.1 percent of the companies planning to boost employee benefits, followed by wholesale and retail operators with 63.5 percent, and insurance and accounting firms at 60.3 percent, the job bank said.
The planned pay raise is mainly to attract and retain skilled workers, Yang said, adding that inflation is also a motivating factor.
Pay hikes are forecast to average 4.1 percent, or NT$5,236, for entry-level staffers and NT$8,618 for supervisory positions, the job bank said.
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