Taipei--Employees in the local financial services and insurance sectors witnessed their salaries falling the most among the major industries in Taiwan last year, according to a survey released by 1111 online job bank Saturday.
Citing the poll, the job bank said that the average salary cut in the local financial sector hit 3.06 percent in 2016, followed by the construction/real estate sector with a 2.58 percent reduction and the travel/leisure/sports industry with a 1.50 percent cut.
1111 Job Bank Vice President Daniel Lee (???) said that the local financial sector has been affected by a downtrend in interest rates, which has narrowed the interest spread, impacting many banks' bottom lines.
In addition, several foreign financial firms have withdrawn from Taiwan or cut their workforces here, dealing another blow to the local financial sector and making employers more cautious about the market outlook, according to Lee.
Among the foreign financial firms that have closed their business in Taiwan, the Bank of Nova Scotia, Canada's third-largest bank, announced an exit in August, after Barclays Capital Securities terminated its operations here in March.
Lee said that the local property market suffered a drop in residential and commercial property transactions on the back of the government's measures to rein in skyrocketing home prices, while the local travel industry felt the pinch resulting from a fall in the number of Chinese visitors to Taiwan.
In 2016, transactions of homes, shops and offices in Taiwan totaled 245,396 units, a fall of 16.1 percent from the 292,550 units sold in 2015, while the number of Chinese tourists to Taiwan in 2016 fell to 3.51 million from 4.18 million in 2015, government data shows.
However, workers in some other industries enjoyed raises in 2016, with salaries in the transportation/logistics and warehousing/trading sector up 2.80 percent from a year earlier, ahead of the law/accounting/consulting services sector with a 1.63 percent increase, and the mass communications industry with a 0.39 percent higher, the survey shows.
Lee said that the local transportation/logistics business benefited from booming electronics commerce, which boosted demand for employees.
Meanwhile, the survey shows that pilots in Taiwan were offered the highest starting salaries of NT$102,765 (US$3,336) in 2016, ahead of medical doctors at NT$82,850, and dentists at NT$81,478.
The survey, conducted from January to December last year, collected 321,334 valid questionnaires with a confidence level of 95 percent and a margin of error of plus or minus 3 percentage points.
Source: Focus Taiwan News Channel