2024 median annual salary up 4%, fastest growth in 12 years: DGBAS

Taipei, Nov. 25 (CNA) Median annual pay for full-time employees in Taiwan rose to NT$546,000 (US$17,376) in 2024, an increase of 4.03 percent from a year earlier and the fastest growth in 12 years, the Directorate-General of Budget, Accounting and Statistics (DGBAS) said Tuesday.

The sharp rise was supported by a relatively low base in 2023, when tech companies were still digesting inventory, and by strong demand related to artificial intelligence (AI) devices and high-performance computing (HPC) applications, which lifted corporate earnings and enabled higher bonuses, according to a DGBAS official.

Upward adjustments to the minimum wage also contributed to the increase in average salaries, said Tan Wen-ling (譚文玲), deputy director of the DGBAS Census Department.

Historically, the annual growth rate of the median salary has ranged between 0 percent and 2.5 percent, making this year's increase particularly notable.

The median salary represents the midpoint in the distribution, with half of employees earning more and half earning less.

By sector, the financial and insurance industries recorded the highest median annual pay at NT$1.106 million, followed by the electricity and gas supply sector at NT$1.091 million and publishing, audiovisual, and information and communications services at NT$807,000.

Median annual pay for women reached NT$512,000, compared with NT$585,000 for men.

Regarding salary distribution, the bottom 10 percent of employees -- a group that largely consists of migrant workers and part-time workers -- earned less than NT$330,000 annually, according to the DGBAS.

The agency also released figures for full-time employees by workplace location.

Hsinchu City ranked highest with a median annual salary of NT$902,000, followed by Hsinchu County (NT$736,000), Taipei (NT$735,000) and Taoyuan (NT$616,000).

However, the DGBAS noted that regional salary levels are shaped by local industries. Areas with higher concentrations of high-paying sectors such as finance, insurance, semiconductor manufacturing, information and communications technology (ICT) and healthcare tended to show higher median salaries.