Taipei, The average year-end bonus in Taiwan received by employees typically at the end of each Lunar New Year, which for this year was in February, has hit a new three-year high, at a time when the local economy remains on the path to recovery, according to the Directorate General of Budget, Accounting and Statistics (DGBAS).
The DGBAS said the average year-end bonus received by employees in February hit NT$68,017 (US$2,329), the highest in the past three years.
It was equivalent to 1.68 months of salary, up from the average of NT$62,675 or 1.58 month of wages given to employees in 2017, data compiled by the DGBAS showed.
Pan Ning-hsin (???), deputy director of the DGBAS’ census department, said an improving economy has made many employers more generous in doling out year-end bonuses.
Due to the issuance of the bonuses, Taiwan’s average wage comprised of regular and non-regular salaries, such as bonuses and overtime pay, for February rose 46.94 percent from January to NT$86,832.
The February figure was up 89.92 percent from the same month a year earlier. That is because in 2017, the Lunar New Year holiday fell in January so many employers gave year-end bonuses in January.
Due to solid global demand, many firms in Taiwan, which are export-oriented, posting higher earnings.
Under such favorable circumstances, the DGBAS in February raised its forecast for Taiwan’s 2018 economic growth from 2.29 percent to 2.42 percent.
Meanwhile, the average regular wages for February fell 0.71 percent from a month earlier to NT$40,483 as the six-day Lunar New Year holiday cut short the number of working days in the month, the DGBAS said.
But the average regular wage, which included data from hourly-paid employees, rose 2.85 percent from a year earlier, and the growth was the highest in 17 years, the DGBAS said. For the first two months of this year, the average regular wage was also 2.81 percent higher from a year earlier to NT$40,629, which provided more evidence of an improving economy, the DGBAS said.
In January and February, the average overtime pay in Taiwan stood at NT$1,708, up 1.61 percent from a year earlier, according to the DGBAS.
It said the number of overtime hours worked in the two months stood at 7.7 on average, down 0.2 hours from a year earlier, but the average hourly overtime pay hit NT$222, the highest level for the January-February period in Taiwan.
In February alone, the average overtime pay stood at NT$1,652, down 6.35 percent from a month earlier and also down 0.12 percent from a year earlier, the DGBAS data showed.
Source: Focus Taiwan News Channel