Real Recurring Salaries Rise 1.4% Year-on-Year in First Four Months, Highest Increase in Six Years

(Central News Agency reporter Pan Zi-Yu, Taipei, May 12) Despite inflationary pressures from Middle Eastern conflicts, Taiwan's Directorate-General of Budget, Accounting and Statistics (DGBAS) released wage statistics today showing that from January to April 2024, the average real recurring salaries for employees in the industrial and service sectors rose 1.4% year-on-year, while real total salaries increased by 1.99%. This growth exceeded inflation and marked the highest increases in real recurring and total salaries in six and eight years, respectively.

According to DGBAS data, in April 2024, the average recurring salary for all employees was NT$49,146, up 2.9% year-on-year—the second-highest monthly increase in 27 years. Non-recurring income such as bonuses and overtime pay reached NT$8,340, bringing the average total monthly salary to NT$57,486, a 3.6% increase from the previous year.

Since average salaries can be skewed by extreme values, the median better reflects the income reality for most people. DGBAS also released the median recurring salary for April, which stood at NT$39,348, up 3.17% year-on-year.

Notably, tensions between the U.S. and Iran escalated at the end of February 2024, causing international energy prices to surge and intensifying inflationary pressures. There was widespread concern that Middle Eastern conflicts would further drive up prices and erode real purchasing power.

However, the latest DGBAS data for January to April 2024 shows that average real recurring salaries for industrial and service sector employees reached NT$44,115, up 1.4% year-on-year, while real total salaries rose 1.99%. This indicates that wage growth has outpaced inflation during this period.

Teresa Tan, Deputy Director of the DGBAS Census Division, stated that government measures to stabilize prices have been effective, preventing a sharp rise in domestic prices despite global tensions. Combined with sustained wage growth, this has led to an expansion in real salary increases. (Edited by Lin Shu-Yuan) 1150612