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Talk of the Day -- News digest of local media -- recovery nears?

Talk of the Day -- News digest of local media -- recovery nears?

Taiwan's economy seems to be gaining momentum after its deepest slump in history. The overall economic monitoring indicator flashed a "yellow-red" light for November for the first time in 25 months, indicating that the rebound is on a steady track. Leading firms have also recently announced salary hikes. But will this rebound last or will it be short-lived? The following is a digest of some local media reports on the issue: China Times: Thanks to a global economic recovery, the government's overall monitoring indicator for Taiwan's economy flashed a "yellow-red" light in November, marking the first time in 25 months that the country's economy has been seen as heating up.
According to a poll conducted by National Central University, Taiwan's consumer's confidence index also rose to 65.39 points in December, marking a five-month high.
The recovery is similar to the rebound seen by Taiwan more than a year after the SARS crisis struck in 2003. Wage levels, however, are not expected to rise until the second half of next year even though Taiwan's economic recovery has continued to pick up momentum, said Hu Chung-ying, vice chairman of the Council for Economic Planning and Development (CEPD) . (Dec. 29, 2009) Commercial Times: Taiwan's leading high-tech companies have announced pay raise plans one after another on prospects that production will increase in line with a global economic recovery.
Taiwan Semiconductor Manufacturing Company, the world's largest contract chipmaker, announced in mid-December that it would raise employee salaries across the board by 15 percent.
Foxconn, part of the Hon Hai Grop, the world's largest contract maker of consumer electronics by revenue, announced over the weekend that it will raise wages by no less than 3 percent beginning next year.
Because Foxconn is seen as a benchmark of Taiwanese business operations in China, its move to raise the pay of blue collar workers could be emulated by other Taiwanese companies in China. (Dec. 29, 2009) Liberty Times: Discounting the CEPD's rosy forecast as "way off base, " some people said they are not feeling the recovery at all.
A Mr. Wu, a publishing company employee, was furious with the CEPD's "yellow-red" light economic indicator, saying that he and his colleagues have suffered from the bad economy over the past two years and were even forced to sign a "voluntary pay cut agreement" recently.
Wu said he and his colleagues quit en masse a few days ago after their negotiations with the company's management broke down.
"Has the economy recovered? The government shouldn't lie anymore," the employee said. (Dec. 29, 2009) (By Deborah Kuo)




Updated : 2021-07-28 16:19 GMT+08:00