TAIPEI (TVBS News) — As Taiwan celebrates its eighth consecutive year of minimum wage increases, the economic landscape presents a mixed bag of opportunities and challenges for the nation's workforce.
On Jan. 1, the minimum wage was elevated to NT$27,470, marking a substantial 37.3% increase compared to eight years ago. Despite this progress, the wage adjustments still lag behind the inflation rate, putting young adults in a particularly tight spot as they navigate the job market.
Wage Increase Versus Inflation
The uplift in the minimum wage is a testament to Taiwan's commitment to improving living standards for its workers. However, the pace at which salaries are growing pales in comparison to the rapid inflation and price hikes affecting the economy. Tseng Chung-wei, a spokesperson for a local job bank, highlighted this disparity, stating, "The average salary for a new university graduate in 2023 is around NT$31,452. While this may seem to surpass the NT$30,000 threshold, the pace of salary growth does not match the rate of inflation and rising prices."
Seeking Opportunities in High-Demand Industries
Collin Suen, an associate professor at the NTNU, advises job seekers to focus on booming industries rather than prestigious job titles. He noted, "Working in a less profitable sector today, even in sought-after fields like digital or computer science, might impress others with your job title, yet the salary can be disappointing."
The trend of young adults opting for fixed-wage jobs while pursuing contract work on the side to supplement their income is on the rise. While this approach offers a viable short-term solution for savings, experts urge caution. They warn that dedicating oneself to contract work without considering long-term career prospects and competitiveness could lead to a precarious professional future.
As the new year unfolds, there's a concerted push for young professionals to focus on skill enhancement and to seek out more lucrative and stable employment opportunities.
