Taiwan's real wage growth hits 4-year high for first 7 months of 2024

Taipei, Sept. 12 (CNA) Taiwan's average real regular monthly salary grew by 0.29 percent in the first seven months of 2024, marking the largest year-on-year growth in four years, the Directorate-General of Budget, Accounting and Statistics (DGBAS) reported Thursday.

According to the DGBAS, the average regular monthly salary between January and July was NT$46,269 (US$1,439), which was an annual increase of 2.6 percent before adjusting for inflation.

Similarly, the average real total monthly earnings, which include irregular income such as bonuses and overtime pay, also recorded the highest growth in four years, rising 1.72 percent year-on-year during the seven-month period to NT$63,826, the DGBAS said.

The wage growth indicates that Taiwan's economy is gradually overcoming inflationary pressure, the DGBAS said in a press release.

According to the DGBAS, the country's real wages started showing positive growth in April, and continued for the next three months, recording an average growth of 0.29 percent for the January to July period.

The monthly salary growth can be attributed to salary adjustments, a slowdown of inflation, and a government mandated increase in the minimum wage, it said.

Meanwhile, the median regular monthly salary in the first seven months of the year was NT$37,111, up 3.26 percent from the same period last year, the DGBAS said.

After adjusting for inflation, the median salary increase was 0.94 percent year-on-year, it said.