TAIPEI (TVBS News) — Signs of a recovery in Taiwan's manufacturing sector have emerged with increased overtime hours in October, the Directorate-General of Budget, Accounting and Statistics (DGBAS) reported on Monday (Dec. 11).
Though these preliminary indicators require further observation, manufacturers' overtime climbed to 15.4 hours, an increase of 1.6 hours from the previous year, marking continuous growth over four months and a return to the levels of 2021.
The average regular wage from January to October 2022 was NT$45,441, a 2.49% year-over-year increase. The total average salary within the same period was NT$59,270, up by 1.53%. However, when adjusted for inflation, the real average regular earnings only inched up 0.06%, and the real total earnings witnessed a slip of 0.87% year-over-year, the first negative growth in nearly seven years.
This downward shift in total real wages is attributed to tepid exports and the rising cost of living.
As of October's end, employment in the industrial and service sectors stood at 8.19 million people, which is an addition of 7,000 persons compared to September 2021 and largely unchanged from October 2021.
While the industrial sector saw a decrease of 41,000 employees in October, the service sector gained an equal number.
Throughout the first ten months of 2022, the average number of employed workers was 8.175 million, an increase of 10,000 from the previous year. Specifically, employment in the accommodation and food services, as well as arts, entertainment, and recreational services, saw 13,000 and 7,000 new hires, respectively, whereas the manufacturing sector lost 27,000 jobs.
In October 2022 alone, the average regular salary for employed workers was reported at NT$45,564, marking an annual rise of 2.31%, while the average total wage for the month was NT$51,143, representing a 1.35% increase from the previous year.