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Taiwan: 75 percent of major Taiwan companies plan to raise salaries: poll

Taiwan: 75 percent of major Taiwan companies plan to raise salaries: poll

The majority of chief executive officers (CEO) of major Taiwanese companies plan to raise their employees' pay next year, a survey revealed yesterday.

Seventy-five percent of the CEOs in the CommonWealth Magazine survey said their companies will offer higher pay in 2011, with 47 percent estimating raises of within 3 percent, 25 percent forecasting a 3-5 percent pay hike, and about 3 percent predicting a 5-8 percent pay increase.

The survey was conducted between Nov. 29 and Dec. 17 among CEOs of 1,270 corporations selected from among Taiwan's top 1,000 manufacturing firms, top 500 service providers, top 100 financial companies and 15 financial holding groups. A total of 470 valid samples were collected in the survey.

Speaking at a news conference at which the results of the poll were released, Charles Wang, managing consultant of the Taiwan branch of U.S.-based Towers Watson Delaware Inc., said Taiwanese companies need to raise salaries to reflect a rebound in their sales and the country's economy.

Salary increases have been relatively slow in recent years, Wang noted. If local companies fail to raise their employees' pay, Taiwan may see a brain drain to neighboring countries where the salaries of white-collar workers have been rising much faster, he said.

On Tuesday, the government's top economic planner also urged local companies to raise employees' pay to help spur private consumption and bolster continued gross domestic product (GDP) growth.

Council for Economic Planning and Development Chairwoman Christina Liu said the government has designated 2011 as a year to promote private consumption to boost GDP growth.

Because some companies have offered their employees pay raises in recent months to match a rebound in sales, private consumption is expected to rise in the coming year. She also urged other corporate leaders to acknowledge the trend and follow suit.

Updated : 2021-06-25 07:08 GMT+08:00