Taiwan's median regular wage rose 3.29% in 2024

Taipei, Feb. 17 (CNA) The median monthly regular wage in Taiwan's industrial and service sectors increased by 3.29 percent year-on-year in 2024 before adjusting for inflation, while the country's nominal average monthly regular wage grew by 2.77 percent over the same period, the Directorate General of Budget, Accounting and Statistics (DGBAS) reported on Monday.

Wage data usually draws market attention, but as the average monthly figure is easily distorted either by the extremely lower or higher end, the median regular wage tends to better reflect the reality of the job market.

Data compiled by the DGBAS showed the nominal median monthly regular wage in 2024 stood at NT$37,274 (US$1,140), up 3.29 percent from NT$36,085 in 2023.

The average monthly regular wage before inflationary adjustments rose 2.77 percent from a year earlier to NT$46,450 in 2024, while average monthly earnings, which are comprised of regular wages and non-regular wages such as bonuses and overtime pay, rose 4.39 percent from a year earlier to a new high of NT$60,984, the DGBAS said.

Speaking with reporters, Tan Wen-ling (譚文玲), deputy director of the agency's Census Department, said the growth in monthly earnings came as the local tech sector has benefited from the current boom in artificial intelligence, with growth in average monthly earnings hitting the highest in almost 14 years.

Solid global demand for high-tech gadgets made in Taiwan paved the path for an increase in overtime working hours, pushing up earnings further, Tan said.

In addition, the booming tourism industry in the post COVID-19 era and a move by many employers to raise wages also sent earnings higher in 2024, Tan added.

The DGBAS said real median monthly wages rose 1.09 percent from a year earlier to NT$34,574 and real average monthly wages grew 0.58 percent to NT$43,085, indicating wage growth beat inflation, which stood at 2.18 percent, above the 2 percent alert set by the central bank.

In 2024, real average monthly earnings rose 2.16 percent from a year earlier to NT$56,566, according to the DGBAS.

The DGBAS said wages vary among industries, with the electronic components industry beating the average nominal regular wage with NT$55,399, the technology service industry NT$56,843, the video publication/information communications industry NT$67,537 and the financial/insurance industry NT$69,610.

On the other hand, the lodging and food/beverage industry and "other services" industry such as hair salons reported lower than average regular wages at NT$34,322 and NT$35,811, respectively, the DGBAS said.

In terms of growth in average earnings, the financial/insurance industry recorded the highest increase of 9.27 percent in 2024, while on the back of AI applications, the electronic components industry reported 7.88 percent in growth, the DGBAS said.

In addition, the transportation and warehousing industry registered 5.4 percent in earnings growth in the wake of booming business in the post COVID-19 era, the DGBAS said.

The number of average monthly overtime working hours in the manufacturing sector hit 16.3 hours, the highest in almost 14 years with overtime pay at more than NT$4,000 in 2024, while the electronic components industry reported overtime pay of NT$7,247, up 16.36 percent from a year earlier, Tan said.