46% of Taiwan companies to offer wage increases in 2019: survey

1111 Job Bank survey reveals under 50% of Taiwanese companies in a position to offer wage increases next year

(Image from Max Pixel)

(Image from Max Pixel)

TAIPEI (Taiwan News) – About 58 percent of businesses offered a wage increase to workers this year, and 46 percent are expecting to dish out pay increases next year, according to a recent survey by 1111 Job Bank, reported CNA.

1111 Job Bank suggests the average wage boost for companies offering raises next year will be 3.75 percent.

The survey revealed the main reasons for improving employee income this year were job performance (52.46 percent), business performance (43.77 percent), department performance (15.85 percent), and compatibility with the company (8.55 percent).

The survey also revealed wage increases were most prevalent in the financial services sector, despite the industry being the second-highest paying in Taiwan, and least prevalent in the logistics sector.

Daniel Lee (李大華), head of 1111 Job Bank’s career development and public relations section, said that the finance industry saw wage growth off the back of strong competition within the sector, and as a means to defensively preclude employees from resigning, reported CNA.

Lee went on to say the U.S.-China trade war will continue to bring about business uncertainty in Q4 2018 and beyond, leading companies into being more conservative in their outlook and dampen their wiliness to increase wages, reported CNA.

The survey collected 690 responses, and was conducted from Oct. 1 to Oct. 16.