Average nominal wage in first two months up over 6 percent
The average nominal wage in Taiwan for the first two months of this year rose more than 6 percent from a year earlier on the back of year-end bonus payouts, according to government statistics released Wednesday.
The average nominal wage, including regular pay, overtime pay and bonuses, for the twomonth period stood at NT$69,287 (US$2,228), up 6.55 percent from a year earlier, the Directorate General of Budget, Accounting and Statistics (DGBAS) said.
The average salaries in the two months were the highest compared with the same two-month periods in the past, the DGBAS said.
The government agency said that as the Lunar New Year holiday fell in mid-February, most local employers doled out year-end bonuses in February, while some of them gave year-end bonuses in Decem- ber or January.
During the December-February period, the average year-end bonuses received by employees in Taiwan were equivalent of 1.69 months of salary, the DGBAS said, adding that the latest year-end bonus payout was the highest in a decade due to a recovery in the local economy.
In the two-month period, the average regular nominal wage rose 1.62 percent from a year earlier to NT$38,347, while the average non-regular nominal wage jumped 13.37 percent from a year earlier to NT$30,940, the DGBAS added.
After inflationary adjustments, the average real wage during the two month period rose 7.16 percent from a year earlier to NT$67,617, which was the highest compared with the same two-month periods in previous years, the DGBAS said.
In the two-month period, the real non-regular wages — covering only overtime pay and bonuses — rose 2.20 percent to NT$37,423, the DGBAS said.
In February alone, the average nominal wage in Taiwan stood at NT$86,666, up 66.77 percent from a month earlier and up 107.58 percent from a year earlier, which serves as further evidence that yearend bonuses served as a driver to the wage increase at a time when the local job market was improving, according to the government data.