Wages in Taiwan Edge up 0.6% in 2013

The average pay in Taiwan came to NT$636,000 (US$21,200) in 2013, or NT$53,000 (US$1,766.7) a month to have edged up 0.6% or NT$3,600 (US$120) from a year earlier, according to a survey by the Directorate General of Budget, Accounting and Statistics (DGBAS).

Of the pay increase, only NT$900 (US$30) was monetary and the remaining NT$2,700 (US$90) being benefits as insurance premium and retirement pension payment.

The finance & insurance and electricity & fuel gas supply sectors offered the highest average salaries of over NT$1 million (US$33,333), with the educational sector the lowest of NT$319,000 (US$10,633).

Last year non-monetary compensation accounted for 13.85% of total pay, the highest of its kind ever recorded, to which  DGBAS attributes growing labor insurance premium rate and national health insurance rate.

In 2002-2013, the average regular pay rose only 10% while non-monetary compensation jumped from NT$64,000 (US$2,133) to NT$88,000 (US$2,933), for  sizable growth of 38%.

In 2013 employees averaged 39.3 years old, up 2.4 years from 2007's 36.9 years, with sub-25 year-olds accounting 8.1% of the total, 25-44 taking the lion's share of 61.6% and 45-and-older at 0.3%. (JL)