Taipei, The average regular wage in Taiwan rose 2.95 percent in August, marking the ninth consecutive month of an over- 2 percent year-on-year increase at a time when an economic recovery has encouraged employers to raise compensation for their employees, according to the Directorate General of Budget, Accounting and Statistics (DGBAS).
The DGBAS said the average regular wage in Taiwan hit NT$41,241 (US$1,334) in August, up NT$1,183, or 2.95 percent, from a year earlier.
That August wage gains, after a 2.65 percent year-on-year increase in July, hit the highest level since January 2010, when the average regular wage rose by 3.72 percent, according to the data.
The latest data also indicates that the average regular wage also rose NT$289, or 0.71 percent, from a year earlier.
The DGBAS said the ninth consecutive month for the local average regular salary to move higher on a year-on-year basis shows that many employers were willing to raise wages.
In mid-August, the DGBAS raised its forecast for Taiwan's gross domestic product (GDP) growth to 2.69 percent in 2018, an upgrade from an earlier estimate of a 2.60 percent increase, citing strong global demand to boost the export-oriented local economy.
The average earned income, which includes regular salary plus bonuses, overtime pay and other irregular income, rose 7.45 percent from a year earlier to NT$52,522 in August, according to the data.
In the first eight months of this year, the average regular wage rose 2.61 percent from a year earlier to NT$40,830, the DGBAS said.
According to the DGBAS, the real estate sector recorded the highest hike of 5.92 percent in the average regular wage in the eight-month period, followed by the retail sector with a 5.61 percent increase.
During the eight months, the average earned income stood at NT$54,215, up 4.39 percent from a year earlier.
The DGBAS said that after inflationary adjustments, however, the average earned income for the eight months rose only 2.70 percent from a year earlier to NT$50,635.
The DGBAS said the average working hours in August totaled 181.7, down 2.5 hours from a year earlier but up 5.7 hours from a month earlier, while average overtime hours totaled 8.1, up 0.2 hours from a year earlier but unchanged from a month earlier.
The average overtime pay in August rose 6.38 percent from a year earlier to NT$1,817, which fell 0.98 percent from a month earlier, the DGBAS said.
Source: Focus Taiwan News Channel