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Cabinet uses 'big data' analysis to gauge private sector wage growth

Cabinet uses 'big data' analysis to gauge private sector wage growth

Taipei, June 24 (CNA) Wages in Taiwan's private sector rose in 2014 by an annual 3.82 percent to NT$584,583 (US$18,879) per year on average, according to a 'big data' analysis commissioned by the Executive Yuan and released Wednesday.
The study analyzed 4.84 million samples of wage data supplied by Taiwan's labor and finance ministries for a three-year period beginning in 2011.
Over the three-year period, 22 to 41 percent of private sector employees who held the same job for at least two years saw a drop in earnings, while 18 to 29 percent saw wage hikes of more than 10 percent, the data revealed.
Between 2013 and 2014, there was a decrease in wages among 22.84 percent of private sector workers who had held the same job for at least two years, while 7.83 percent had no change in pay, the data showed.
According to the analysis, over 65 percent of Taiwan's workforce earns less than NT$550,000 annually.
The big data study allows the government to more accurately assess private sector wage growth and reduces reliance on annual reports by the Directorate General of Budget, Accounting and Statistics, said Executive Yuan spokesperson Sun Lih-chyun.
With the use of the data analysis, the government can also devise appropriate policies to stimulate Taiwan's weakest performing sectors in terms of wage growth, Sun said.
He said private sector wage growth is one of the factors used by the government to determine whether a public sector pay hike is needed. Other factors include the government's available funds and the country's economic growth.
The government believes that a pay hike in the public sector will spur a wage increase in the private sector, Sun said.
President Ma Ying-jeou said in April said that a 3 percent hike for civil servants will bring excellent results, based on precedent.
The Executive Yuan in April also said that a bill to raise wages and pensions of about 820,000 public sector employees by 3 percent at a cost of around NT$11 billion will be reviewed by the Legislature in July. (By Hsieh Chia-tsen and Ted Chen)


Updated : 2021-04-11 05:32 GMT+08:00