Taiwan’s workforce expresses hope for new year’s wage hike

TAIPEI (TVBS News) — The Lunar New Year festivities culminated on Sunday following a 10-day-long holiday. As workers resume their duties, many people voiced their aspirations for higher salaries in the face of climbing living expenses.

According to the Directorate-General of Budget, Accounting and Statistics under the Executive Yuan, the Consumer Price Index (CPI) increased by 2.95% in 2022, with food prices seeing a 5.66% jump.

This is reflected in a local job bank survey, which found that 72.8% of employees want to request a raise from their bosses.

In the Year of the Rabbit, job banks reported that most employees hope for a 6.8% increase in their wages. The expected wage package for job seekers also rose 1.3%, from NT＄41,958 to NT＄42,502. 

Surveys indicated that among the businesses polled, approximately 45.2% anticipate adjusting wages by 3.35%, marking the third-lowest increase in the past nine years. 

Regarding the business climate, on the other hand, an overwhelming 49.1% of companies said they have a pessimistic view of the economy.

Hua Tzu-hsin, a human resources department general manager at a local job bank, explained, "They (businesses) will restrict fixed salary packages if they hold a negative view of the economy to avoid the cost of personnel becoming excessive."

Even so, Taiwan's good domestic economic performance may result in larger bonus packages, experts have revealed. 

However, performance reviews may play a minor role in determining pay raises, as companies may evaluate whether employees' duties and responsibilities align with their future career development plans.