Survey: Half of respondents expect salary increase in 2024

TAIPEI (TVBS News) — A new national economic confidence survey shows approximately half of respondents believe their salaries will increase in 2024, fostering a more optimistic outlook than last year.

According to the survey released by Cathay Financial Holding on Monday (Nov. 20), about 25% anticipate their pay hike will be more than 3%. 

The survey comes two months following the Ministry of Labor's decision to raise the minimum wage by just over 4% in 2024, from NT$26,400 to NT$27,470, per month, and the hourly rate from NT$176 to NT$183.

Also, 64% said their income has remained unchanged over the past six months with 18.1% reporting it has increased and 17.9% saying it's decreased. 

As for expectations next year, 25.2% believe they'll get a salary bump of more than 3%, a significant 13.6-point increase from last year's survey results; 26.7% anticipate a wage adjustment between 0% and 3%, a 1.6-point reduction from last year.

The survey also reveals respondents' predictions regarding the country's economic performance. The average predicted growth rate stayed at 1.6% for the second month, with only approximately 21% believing it would surpass 2% for this year.

Respondents' inflation expectations remained steady for two successive months, with a median value of 2.5%. A substantial 84% believe this year's inflation rate will be more than 2%.

Overall, the public continues to uphold a conservative outlook on the economic expansion this year, yet expectations for inflation consistently linger at higher levels.