Yung Ching Realty to raise wages by up to 11%

Taipei-The Yung Ching Realty Group, one of Taiwan's leading real estate agencies, has decided to raise wages for administrative personnel by up to 11 percent as the local property market has shown signs of a rebound.

Sun Ching-yu (???), the group's chairman, said the pay raises, which will average 5 percent, are scheduled to take effect in March and will be doled out based on the performance of each employee.

Yung Ching, which is offering pay hikes for the second time in three years, is the first real estate agency in Taiwan to announce a pay hike at a time when the government is urging employers to raise wages and offer entry-level pay of at least NT$30,000 (US$1,017) per month.

In response to Yung Ching's move, rival Sinyi Realty Inc. said it already has a regular annual pay raise mechanism in place that will take effect this year in April, but the details of this year's raises still have to be finalized.

Tu Chen-hung (???), a manager in Yung Ching's human resources department, said his company is happy to respond positively to the government's promotion of pay hikes and has always been willing to improve its employees' welfare, believing it to be at the foundation of their performance.

For its salespeople, for example, Yung Ching guarantees a base salary of NT$50,000 a month for their first nine months on the company's payroll, he said.

With transactions of residential and commercial housing units in the six largest cities in Taiwan rising about 12 percent in 2017, Tu said he expects the rebound will encourage more people to become real estate agents.

Transactions of homes, shops and offices in Taipei, New Taipei, Taoyuan, Taichung, Tainan and Kaohsiung totaled 203,879 units in 2017, up 11.85 percent from 2016, when 182,287 units were bought and sold.

It was the first time in four years that housing transactions in the six cities posted a year-on-year increase, rebounding from a level in 2016 that was the lowest for any year since records were first kept in 1991, according to official statistics.

Source: Focus Taiwan News Channel