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Economic recovery influences salary trends, data shows

Reporter TVBS News Staff
Release time:2024/06/26 15:05
Last update time:2024/06/26 16:45
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Average salary in Taiwan hits decade-high, up 5.4% (Shutterstock) Economic recovery influences salary trends, data shows
Average salary in Taiwan hits decade-high, up 5.4% (Shutterstock)

TAIPEI (TVBS News) — The Ministry of Labor (勞動部) held its first joint minimum wage consultation meeting on Wednesday (June 26) dedicated to reviewing the current economic environment and relevant data to determine the feasibility of raising wages.

Data from 104 Job Bank (104人力銀行) indicates that the average monthly salary across all industries and job tenures this year is NT$47,000, up 5.4% from last year, the highest increase in a decade. The job bank credits the rise to economic recovery, anticipated corporate profits, and a persistent talent shortage, which has exceeded one million for 16 consecutive months, prompting businesses to increase salaries to retain and attract top talent.

 

The salary figures from the job bank show that the Computer and Consumer Electronics Manufacturing Industry offers the highest average monthly salary at NT$60,000, with the Semiconductor Industry close behind at NT$59,000. Three industries — the Footwear and Textile Manufacturing Industry, the Investment and Financial Services Industry, and the Software and Internet Industry — are tied for third place, each offering NT$55,000.

Conversely, the lowest wages are in the Social Welfare Services Industry at NT$38,000, followed by the Wedding Photography and Beauty Salon and Detective and Security Services industries, each at NT$39,000. Primary consumer sectors like catering, wholesale, retail, and accommodation services average below NT$43,000, which is below the overall average.

Among the 63 industries surveyed, 40 report salaries below the average of NT$47,000, representing two-thirds of the total. This distribution forms a "pyramid structure" where high-wage industries are fewer but pay significantly more than the numerous low-wage sectors. The highest salary in the Computer and Consumer Electronics Manufacturing Industry is 57% higher than the lowest in the Social Welfare Services Industry, indicating that one high-wage job can nearly compensate for two lower-wage positions.

Taiwan Affairs

#minimum wage# salary increase# economic recovery# talent shortage# job market# industry salaries# wage pyramid# average monthly salary in Taiwan# high-wage vs low-wage industries# impact of economic climate on wages

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