Taipei--"Senior managers" in the local banking sector received an annual income of more than NT$6 million (US$199,335) last year with over half of that income coming from bonuses and stock dividends, said a report released by the government sponsored Taiwan Academy of Banking and Finance (TABF).
From 2005-2015, the institute said, the average income received by "senior managers" at 17 banks operating in Taiwan was NT$6.46 million per annum.
The average income received by these managers was about NT$540,000 a month over the 11-year period, much higher than the average salary in the industrial and service sector.
According to the Directorate General of Budget, Accounting and Statistics (DGBAS), the average monthly wage in the non-farm sector which is comprised of regular and non-regular income, referring to bonuses and overtime pay, ranged from NT$42,182 in 2009 to NT$49,861 in 2015.
A recent report released by the DGBAS showed that the average monthly wage in the local financial and insurance sector was NT$85,400, the second highest among all industrial and service industries last year, behind the NT$94,300 received by utility sector employees.
Excluding bonuses and stock dividends, the average income received by senior bank managers was NT$3.15 million, meaning more than 50 percent of their income came from bonuses and stock dividends, the TABF said.
During the 11 years covered by the study, the institute said, Ta Chong Bank (????) issued NT$30.26 million in wages, bonuses and stock dividends to one of its senior managers in 2009, the highest annual compensation received by any senior manager at the 17 banks.
The other 16 banks in the TABF report were CTBC Bank (???), Yuanta Commercial Bank (???), Jih Sun International Bank (???), Taipei Fubon Commercial Bank (?????), Taishin International Bank (???), SinoPac Bank (???), E. Sun Comercial Bank (???), Taiwan Cooperative Bank (??), China Development Industrial Bank (??), Mega International Commercial Bank (???), Cathay United Bank (????), First Commercial Bank (??), Chang Hwa Commercial Bank (??), Hua Nan Commercial Bank (??) KGI Bank (??).
Source: Focus Taiwan News Channel