Under 30's earn highest ever income of NT$545,000 in 2023: DGBAS

Taipei, Aug. 19 (CNA) Taiwanese workers under 30 earned an average of NT$545,000 (US$17,031) in 2023, a new high, as the economy continued to improve, according to the Directorate General of Budget, Accounting and Statistics (DGBAS).

DGBAS data over the weekend showed individuals under 30 earned an average of NT$545,931 in 2023, up from NT$535,667, which equates to about NT$45,000 a month.

In addition to a stronger economy, the DGBAS said average incomes were up due to a fall in the unemployment rate and the rise of the minimum wage.

Overall average incomes in Taiwan also hit a new high of NT$709,000 in 2023, up from NT$704,000 in 2022, DGBAS data showed.

The DGBAS said the average income across all age groups increased in 2023.

It explained that average income includes wages, investment returns, rental income and government subsidies.

The DGBAS added that the move by the government to issue NT$6,000 cash payments to citizens and certain foreign nationals also helped boost the average income in 2023.

In 2023, the average deficit in savings for the lowest 20 percent of households reached a 15-year low of NT$16,626, according to the DGBAS. This "dissaving" occurs when household spending exceeds disposable income.

That figure was at its lowest since 2008 when negative savings were at NT$5,901. It was also the 17th consecutive year the group recorded negative savings, the DGBAS said.

According to the DGBAS, the agency's savings statistics did not include a household's aggregate savings, real estate or stocks. Therefore, negative savings do not necessarily mean the household is in proverty.

Meanwhile, over 60 percent of households in the lowest 20 percent income bracket are comprised of individuals aged 65 and older, many of whom rely on savings to cover their financial needs, the DGBAS said.

The DGBAS added it was therefore not surprising that the particular income group tended to report negative savings in one single year.

In addition, the average household savings totaled NT$275,402 in 2023, a new high, up NT$1,370 from a year earlier, the DGBAS said.

DGBAS data showed the average household disposable income hit about NT$1.14 million, up 2.5 percent, while the median figure reached NT$961,000, up 2.2 percent from a year earlier.

The average disposable income for individuals rose 4.0 percent from a year earlier to NT$407,000 in 2023 with the median hitting NT$349,000, up 3.7 percent from a year earlier, the DGBAS said.