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Young Taiwanese adults struggle with high living costs

Reporter Vivian Hsiao
Release time:2023/05/03 17:16
Last update time:2023/05/03 17:16
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TAIPEI (TVBS News) — At first glance, Taiwan's employment rate among young adults has never been better, as 2022 saw the unemployment rate of those aged between 15 and 29 at an all-time low.

However, a closer look at Taipei City reveals that despite the COVID-19 situation stabilizing, the unemployment rate rose from 7% in the first half of 2022 to 8.1% by year-end.

 

According to the Directorate-General of Budget, Accounting, and Statistics, the unemployment rate for young adults aged 25-29 in Taipei City has reached 7.5%, the highest among the six special municipalities.

Many young adults prioritize achieving a better work-life balance, which includes more flexible work hours and better wages to keep up with the rising cost of living. 

According to job banks, on average, employees aged 21 to 30 may consider quitting their jobs after just one year and ten months if there is no possibility for promotion or wage increase.
 

Kuomintang Taipei City Councilor Yang Chih-tou pointed out, "the pandemic has had a significant impact, leading to a wave of layoffs among employees."

"As businesses reopen, there is a rush to hire staff, but supply and demand have yet to align."

Many young individuals believe that current wages are insufficient. Yang explained that, as a result, many business owners have had to undertake various tasks single-handedly.

Experts point out that many young adults believe their higher-education degrees have little impact on their wages or career advancement. 

With the prevalent labor shortage in Taiwan, schools should incorporate more work experience into their coursework to better prepare young adults for the future.

Taiwan Business

#Taiwan#unemployment rate#young adults#cost of living#COVID-19

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