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Taiwan’s average salary hits 8-year high at NT$694K

Reporter TVBS News Staff
Release time:2023/11/29 16:06
Last update time:2023/11/29 16:06
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 Taiwan’s average salary hits 8-year high at NT$694K
Taiwan's average salary hits 8-year high at NT$694K (Shutterstock)

TAIPEI (TVBS News) — In an attempt to tackle severe labor shortages, Taiwanese companies have raised fixed monthly salaries, yet the annual salary increase rate has tapered to 2.5% from last year’s 3.1%.

Despite the issues around salary growth, the average annual salary in Taiwan hit a new eight-year peak at NT$694,000 in 2023.

 

The semiconductor industry continued to lead the salary pack for the eighth consecutive year, breaking the million-dollar ceiling with an average salary of NT$1.022 million.

The top five highest-paying sectors following the semiconductor industry are the computer and consumer electronics manufacturing with NT$873,000, electronic components manufacturing industry at NT$846,000, telecommunications and communication services at NT$842,000, followed closely by the software and internet industry at NT$835,000.

In the realm of engineering roles, IC design engineers recorded the highest yearly earnings at NT$1.361 million. Driven by the artificial intelligence boom, algorithm development engineers saw their salaries climb into the top five rankings.
 

For non-engineering jobs, auditors led with NT$886,000, followed by computer systems analysts at NT$883,000, and network security analysts at NT$868,000.

2023 also saw a downturn in the distribution of year-end bonuses, averaging 1.08 months' worth of salary—a ten-year low.

Financial institutions are expected to give the highest average year-end bonuses at 1.83 months. The semiconductor industry will follow with 1.38 months and the construction industry with 1.23 months. The hospitality and food service industry trails behind at 0.59 months.

Looking forward to 2024, civil servants, educators, and military personnel will see a 4% pay increase. Meanwhile, 47.5% of private companies project salary hikes with an estimated average increase of 3.2%, marking the third-lowest forecast in nearly a decade. The accommodation and food services industry anticipates the highest proportion of enterprises raising pay at 58%.

Taiwan Business

#labor shortages# salary increase# semiconductor industry# highest-paying sectors# engineering roles# year-end bonuses# salary hikes# tackling severe labor shortages# average annual salary in Taiwan# computer and consumer electronics manufacturing
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