Taipei: Taiwan's industrial and service sectors witnessed a 3.29 percent year-on-year increase in the median monthly regular wage in 2024 before adjusting for inflation. Meanwhile, the nominal average monthly regular wage grew by 2.77 percent over the same period, as reported by the Directorate General of Budget, Accounting and Statistics (DGBAS) on Monday.
According to Focus Taiwan, wage data often garners market attention, with the median regular wage offering a more accurate reflection of the job market compared to the average monthly figure, which can be skewed by extreme values. The DGBAS data indicated that the nominal median monthly regular wage in 2024 reached NT$37,274 (US$1,140), marking a 3.29 percent rise from NT$36,085 in 2023.
The average monthly regular wage before inflation adjustments increased by 2.77 percent from the previous year to NT$46,450 in 2024. Additionally, average monthly earnings, which include regular wages and non-regular wages like bonuses and overtime pay, saw a 4.39 percent rise from the previous year to a record high of NT$60,984, according to the DGBAS.
Tan Wen-ling, deputy director of the agency's Census Department, highlighted that the growth in monthly earnings was driven by the local tech sector's boom in artificial intelligence, resulting in the highest growth in average monthly earnings in nearly 14 years. The strong global demand for high-tech gadgets produced in Taiwan led to increased overtime working hours, further boosting earnings.
Furthermore, the post COVID-19 surge in the tourism industry and the decision by many employers to raise wages contributed to higher earnings in 2024, Tan added. The DGBAS noted that real median monthly wages grew by 1.09 percent from a year earlier to NT$34,574, and real average monthly wages increased by 0.58 percent to NT$43,085, surpassing inflation, which stood at 2.18 percent, above the central bank's 2 percent alert level.
In 2024, real average monthly earnings rose by 2.16 percent year-on-year to NT$56,566, as reported by the DGBAS. Wage variations across industries were evident, with the electronic components industry exceeding the average nominal regular wage at NT$55,399, followed by the technology service industry at NT$56,843, the video publication/information communications industry at NT$67,537, and the financial/insurance industry at NT$69,610.
Conversely, the lodging and food/beverage industry and "other services" like hair salons reported lower than average regular wages at NT$34,322 and NT$35,811, respectively, according to the DGBAS. The financial/insurance industry recorded the highest growth in average earnings at 9.27 percent in 2024, while the electronic components industry experienced a 7.88 percent growth, driven by AI applications. The transportation and warehousing industry saw a 5.4 percent increase in earnings due to booming business in the post COVID-19 era, as reported by the DGBAS.
The manufacturing sector reported an average monthly overtime of 16.3 hours, the highest in nearly 14 years, with overtime pay exceeding NT$4,000 in 2024. The electronic components industry recorded overtime pay of NT$7,247, up 16.36 percent from the previous year, Tan stated.