Average monthly wages in Taiwan rose at the fastest pace in nearly 16 years in January, although uncertainties stemming from geopolitical tensions and US trade policy could cloud the outlook, the Directorate-General of Budget, Accounting and Statistics (DGBAS) said yesterday.
Average regular wages rose 2.9 percent year-on-year to NT$48,819 (US$1,528), the biggest increase for the same month in 16 years, partly due to a lower comparison base last year when the Lunar New Year holiday fell in January and reduced the number of working days, the agency said in a report.
Median monthly wages — which better reflect typical earnings as averages can be skewed by extremely high salaries — climbed 2.61 percent to NT$39,136, also showing solid growth, it said.
Photo: CNA
Including bonuses, overtime pay and performance-based commissions, total monthly wages averaged NT$76,495, up 22.47 percent from the previous month, as some companies distributed year-end bonuses, but the figure remained below the levels of the previous year, reflecting the base effect of last year’s Lunar New Year holiday, DGBAS Deputy Census Director Tan Wen-ling (譚文玲) said.
The latest wage report also showed that employment expanded steadily in January, with the number of employees increasing 82,000 from a year earlier, including 62,000 in the service sector and 20,000 in the industrial sector.
The accommodation and food service sector recorded the largest increase, adding 22,000 workers year-on-year, while manufacturing employment grew by 17,000, Tan said.
Growth in manufacturing was mainly driven by high-tech industries, particularly electronic components and computer, electronic and optical product manufacturing, while most traditional industries showed little improvement, she said.
Wages varied significantly across industries. Average regular pay was highest in the financial and insurance sector at NT$74,156, followed by publishing, audiovisual, and information and communications services at NT$70,303.
By contrast, accommodation and food services averaged NT$34,512, while other service industries averaged NT$37,465.
Despite the generally stable labor market, Tan said uncertainties remain. Rising geopolitical tensions in the Middle East and Washington’s renewed trade investigations could affect Taiwan’s economy and labor market.
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