Taiwan’s Average Wage Grew In 2023



In the last two months of 2023, the average monthly wage in Taiwan grew by 2.11%, reaching NT$45,610 (US$1,467) compared to the previous year. Overtime pay, performance-based commissions, and bonuses contributed to an average total salary increase of 0.84% to NT$51,911 (US$1,669.67), as reported by the Directorate-General of Budget, Accounting, and Statistics (DGBAS).

In the first eleven months of the year, total monthly reimbursement increased by 1.47% to NT$58,598 (US$1884.75), whereas average monthly earnings in Taiwan grew 2.45% to NT$45,457 (US$1462.80), according to the agency. After accounting for inflation, both characteristics went negative, according to Chen Hui-hsin, Deputy Director of the Census Department. According to Taipei Times, she placed the blame on rising consumer prices and weak export performance.

Related link: Working Hours In Taiwan Grew In 2022

The DGBAS added that hiring in the industrial and services sectors increased to 0.05 percent, or 5,000 individuals, in November, indicating a slight improvement in the job market. Chen stated that even though manufacturers laid off 1,000 workers, this still amounted to 8.19 million individuals. She was hesitant to say whether the manufacturing sector was emerging from the woods, stating that more time needed for observation was required before making a determination.

Employees are also spending more time in the office with a projected range of 14.8 hours for the month, an increase of 1.3 hours from a year earlier but lower than an average of 15 to 16 hours a month recorded during past economic upturns, Chen added.

As a result of the continued strength of business for retailers, wholesalers, direct-sales companies, and hospitality operators, job openings this month reached a record high of 1.02 million, according to 104 Job Bank, an online recruitment portal.

According to the job bank, there are more than one million open positions for the eleventh consecutive month.

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