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Taiwan's average regular wage up over 2.5% in October

2018/12/10 20:22:45

Taipei, Dec. 10 (CNA) The average regular wage in Taiwan rose more than 2.5 percent from a year earlier in October at a time when the local economy continued to grow, improving local employment, the Directorate General of Budget, Accounting and Statistics (DGBAS) said Monday.

It was the 11th consecutive month in which Taiwan's regular wage grew more than 2 percent after a 2.48 percent year-on-year increase in September, the DGBAS said.

Data compiled by the DGBAS shows that the average regular wage in Taiwan rose 2.56 percent from a year earlier to NT$41,288 (US$1,336).

In October, the average earned income, which includes regular salary plus bonuses, overtime pay and other irregular income, also grew 2.50 percent from a year earlier to NT$45,632, the DGBAS said.

Pan Ning-hsin (潘寧馨), deputy director of the DGBAS census department, said the growth reflected a growing economy, which prompted employers to raise compensation for their employees.

While the DGBAS has lowered slightly its forecasts for Taiwan's gross domestic product growth for 2018 and 2019, Pan said there have been no signs that the local job market has been affected.

On Nov. 30, the DGBAS said it had cut its estimate for Taiwan's GDP growth in 2018 by 0.03 percentage points from a forecast in August to 2.66 and downgraded its forecast for 2019 by 0.14 percentage points to 2.41.

In the first 10 months of this year, the average regular wage rose 2.61 percent from a year earlier to NT$40,906, the highest growth since 2000, when the year-on-year increase stood at 3.00 percent, the DGBAS said.

The average earned income in the 10-month period also grew 4.08 percent from a year earlier to NT$52,632, the DGBAS added.

After inflationary adjustments, however, the average regular wage during the 10 months rose only 1.00 percent from a year earlier, while the average earned income rose 2.44 percent from a year earlier, the agency said. The DGBAS said the average working hours in October totaled 177.1, up 16.1 hours from a year earlier, while average overtime hours totaled 8.2, up 0.1 hours from a year earlier.

The average overtime pay in October rose 6.82 percent from a year earlier to NT$1,865, the DGBAS said.

(By Pan Tzu-yu and Frances Huang)