Taipei: Taiwanese incomes reached record highs in 2024, driven by consistent economic growth, with the average annual income for individuals under 30 hitting NT$559,000 (US$18,606), data from the Directorate-General of Budget, Accounting and Statistics (DGBAS) revealed.

According to Focus Taiwan, the average annual income per worker in Taiwan climbed to NT$729,000 in 2024, with all age groups experiencing positive growth and setting new records. This information was detailed in the DGBAS’ annual Report on the Survey of Family Income and Expenditure.

The report highlighted that the average annual income for workers under 30 increased to NT$559,000 in 2024, marking a 2.5 percent rise from the previous year. Income levels were shown to increase with age, reaching NT$727,000 for those aged 30-34, NT$818,000 for the 35-39 age group, and peaking at NT$944,000 among individuals aged 45-54.

However, earnings saw a decline for older age brackets, with the 55-64 age group earning NT$832,000, and those 65 and above earning NT$492,000.

The report also noted that household disposable income averaged NT$1.165 million in 2024, a 2.51 percent increase from NT$1.137 million in 2023. However, when adjusted for inflation, it showed a slight decrease to NT$1.082 million in 2024 from NT$1.083 million in 2023, based on constant 2021 prices.

Per capita disposable income rose by 2.9 percent year-over-year in 2024 to NT$419,000, although this figure was not adjusted for inflation. The upward trend in nominal income was attributed to stable economic growth and successive hikes in the minimum wage, with Taiwan’s economy growing by 4.84 percent in 2024 and the unemployment rate decreasing to 3.38 percent.

In recent years, Taiwan has consistently increased its minimum wage annually. The monthly minimum wage rose to NT$27,470 in 2024 from NT$26,400 in 2023, and the hourly minimum wage increased to NT$183. Further adjustments in January 2025 saw the monthly minimum wage rise to NT$28,590 and the hourly rate to NT$190.