TAIPEI (Taiwan News) — About 55.8% of Taiwanese companies said they will implement a pay increase next year, the lowest in six years, according to a survey by job bank yes123.

Only 8.9% of the surveyed firms plan a blanket hike for their employees, while 46.9% said raises will be conducted based on individual performance, the survey found.

Reasons for an increase in wages include: as a reward (63.5%), to retain talent (48.8%), a reflection of the rise in basic wages (32.2%), factoring in inflation (30%), and an indication of revenue growth (20.6%). Regardless of the reasons, an average raise of 4.1% can be expected for monthly salaries.

The level of employers’ willingness to grant workers a pay rise differs among industries. The dining, accommodation, and travel sectors are most likely to do so (70.5%), followed by transportation and logistics (67.1%); retail, wholesale, and trade (63.5%); finance and accounting (60.3%); and IT (57.7%).

The online poll, conducted between Nov. 17 and Dec. 1, was based on 991 valid samples from local companies. It has a confidence level of 95% and a margin of error of 3.11 percentage points.