Average monthly take-home pay in February increased 2.52 percent from a year earlier to NT$45,917, while total wages — which includes overtime pay, performance-based commissions and bonuses — soared 54.84 percent to NT$81,576 on the back of Lunar New Year bonuses, the Directorate-General of Budget, Accounting and Statistics (DGBAS) said yesterday.
Taiwanese firms on average issued Lunar New Year bonuses equivalent to 1.69 months of regular wages, or NT$77,348, the highest in nine years and up from 1.68 months a year earlier, Census Department Deputy Director Chen Hui-hsin (陳惠欣) said.
“The improvement came after service providers benefited from sustained revenge consumption in the post-COVID-19 pandemic era, although manufacturers took a hit from a global slowdown,” Chen told a news conference.
Photo: CNA
Financial and insurance companies offered the highest bonuses, averaging 3.64 months of wages, or NT$251,402, she said.
Manufacturers distributed 2.11 months of year-end bonuses, lower than the 2.14 months last year, she said, adding that suppliers of electronic components gave 2.76 months of bonuses, also weaker than 2.8 months a year earlier.
Exporters of tech and non-tech products had idle capacities and headcounts last year as they grappled with business declines induced by inventory adjustments and global inflation, Chen said.
Recreational facilities, hotels and restaurants fared better, issuing bonuses of 0.44 months to 0.74 months, compared with smaller bonuses or none last year, she said.
In the first two months of this year, regular take-home pay rose 2.39 percent annually to NT$46,017, while overall wages expanded 3.74 percent to NT$81,982, she said.
Real take-home wages after inflation remained in positive territory for the first time in two years with a 1.29 percent uptick as inflation pressure eased, Chen said.
The timing of the holiday also played a role, as local companies sometimes distribute year-end bonuses in December when the Lunar New Year is in January, she said.
Regular monthly wages have a fair chance of beating inflation due to the wage hikes and consumer price data, Chen said.
Holiday disruptions also explained why the number of workers hired in the industrial and service sectors in February shrank 0.25 percent, or about 21,000 people, compared with January, the DGBAS said.
Most firms halted operations for the holiday, it said.
As a result, the accession rate in February shed 0.07 percentage points to 2.04 percent, while the dropout rate gained 0.24 percentage points to 2.29 percent, it said.
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