Average regular wages up almost 2.5% year-on-year in May

2018/07/10 18:34:10 fontsize-small fontsize-default fontsize-big
CNA file photo

CNA file photo

Taipei, July 10 (CNA) The average regular wages in Taiwan rose almost 2.5 percent from a year earlier on the back of a continued recovery in the local economy, according to government statistics released Tuesday.

In May, the average regular salaries received by Taiwanese employees and foreign employees on both of a full-time and a part-time basis totaled NT$40,874 (US$1,344), up 2.48 percent from a year earlier, the Directorate General of Budget, Accounting and Statistics (DGBAS) said.

The DGBAS said the growing economy served as a driver to the increase in regular wages, which serve as a gauge of economic fundamentals. It was the sixth consecutive month in which Taiwan's average regular wages grew more than 2 percent, evidence of an economic recovery.

In addition, the growth of regular wages for May surpassed a year-on-year increase of 2.26 percent in April, according to the DGBAS.

In late May, the DGBAS raised its forecast for Taiwan's gross domestic product growth for 2018 by 0.18 percentage points to 2.6 percent in line with several think tanks that did the same.

The DGBAS said the average total wages, comprised of regular and non-regular salaries, such as overtime pay and bonuses, stood at NT$47,958, down 1.82 percent from a year earlier.

The DGBAS said the drop was largely because employers issued fewer bonuses in the month as they postponed their payouts to the Dragon Boat Festival in June. Last year, the festival was in May.

The Dragon Boat Festival is one of the three major festivals in which employers give bonuses. The other two are the Mid-Autumn Festival and the Lunar New Year holiday.

In the first five months of this year, the average regular wages rose 2.55 percent from a year earlier to NT$40,720, while the average total wages hit NT$56,998, up 3.20 percent from a year earlier, the DGBAS said.

The DGBAS said the average working hours in May totaled 178.8, up 10.8 hours or 6.43 percent from a year earlier. In the first five months, the average working hours stood at 164.8, up 3 hours or 1.85 percent from a year earlier, the DGBAS added.

(By Pan Tzu-yu and Frances Huang)

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