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Real estate firm to raise wages by 7.6% on average

2018/02/07 15:15:51

Taipei, Feb. 7 (CNA) Sinyi Realty Inc., one of Taiwan's leading real estate agencies, has decided to raise wages by 7.6 percent on average for its employees at a time when the government has urged the business sector to raise salaries.

The government has raised wages for civil servants, teachers and military personnel by 3 percent, starting from January, hoping that the private sector will follow suit.

Chang Hsu (張旭), head of Sinyi Realty's human resources department, said salespeople in the company will receive a maximum wage hike of almost 11 percent effective in April, based on performance.

After the wage hike, Chang said Sinyi Realty is expected to see its operating costs rising by NT$130 million (US$4.45 million) per year.

Chang said Sinyi Realty is one of the more generous salary providers in the local property sales brokering sector and that he believes the average hike of 7.6 percent will be the highest in the sector.

Earlier this month, the Yung Ching Realty Group, a rival to Sinyi Realty, announced an average 5 percent pay raise for its administrative personnel, scheduled to take effect in March.

Yung Ching said the highest hike will hit 11 percent based on performance.

The wage hikes by the two largest realty sales agencies came after the local property market showed signs of a rebound last year in terms of transactions from a slump seen a year earlier.

With transactions of residential and commercial housing units in the six largest municipalities in Taiwan rising about 12 percent in 2017, Yung Ching expects that the rebound will encourage more people to become real estate agents.

Transactions of homes, shops and offices in Taipei, New Taipei, Taoyuan, Taichung, Tainan and Kaohsiung totaled 203,879 units in 2017, up 11.85 percent from 2016, when 182,287 units were bought and sold.

It was the first time in four years that housing transactions in the six municipalities had posted a year-on-year increase, rebounding from a level in 2016 that was the lowest for any year since records were first kept in 1991, according to official statistics.

(By Wei Shu and Frances Huang)