COST OF LIVING/Average regular wage growth eroded by inflation during January-August

10/12/2022 07:24 PM
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CNA file photo
CNA file photo

Taipei, Oct. 12 (CNA) The average real regular monthly wage in the first eight months of this year fell for the first time in six years as inflation eroded wage growth, the Directorate General of Budget, Accounting and Statistics (DGBAS) said Wednesday.

Data compiled by the DGBAS showed the average nominal regular monthly wage before inflationary adjustments for the January-August period rose 3.08 percent from a year earlier to NT$44,311 (US$1,393).

However, after inflationary adjustments, the real regular wage during the eight- month period stood at NT$41,404, down 0.02 percent from a year earlier, the DGBAS said.

According to the DGBAS, Taiwan's consumer price index (CPI) for the first eight months of this year rose 3.10 percent from a year earlier after growing 2.66 percent year-on-year in August.

During the eight month period, average nominal monthly earnings, which are made up of regular wages and non-regular wages such as overtime pay and bonuses, rose 4.08 percent from a year earlier to NT$60,078, the DGBAS said.

After inflationary adjustments, however, average real monthly earnings from January to August rose only 0.95 percent from a year earlier to NT$56,137, the DGBAS added.

DGBAS Census Department Deputy Director Chen Hui-hsin (陳惠欣) admitted wage growth has been eroded by inflation but noted that the impact has eased in recent months.

In August, the average monthly wage stood at NT$44,497, up 2.98 percent from a year earlier and also up 0.21 percent from a month earlier, while average monthly earnings in the month rose 7.25 percent from a year earlier to NT$56,108, the DGBAS said.

In the same month, the average regular hourly wage stood at NT$196, unchanged from July, but up 1.03 percent from a year earlier, according to the DGBAS.

At the end of August, the total number of employees in the industrial and service sectors increased by 11,000, or 0.14 percent from a month earlier to about 8.19 million, the DGBAS said.

In the lodging and food/beverage industry, the number of employees rose 5,000 from a month earlier as of the end of August, while the number of workers in the healthcare and social work services rose by 3,000, the DGBAS said.

In the first eight months of this year, the average monthly number of individuals employed in the industrial and service sectors stood at about 8.16 million, up 40,000 or 0.50 percent from a year earlier.

In the eight-month period, the number of employees in the healthcare/social work, manufacturing and lodging and food/beverage segments rose 11,000 and 10,000 and 8,000, respectively, from a year earlier, the DGBAS said.

The local job market has stabilized in recent months as private consumption and business activities improved amid eased concerns over COVID-19, Chen said.

(By Pan Tzu-yu and Frances Huang)

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