Nearly half in Taiwan expect pay hikes in 2024, survey shows

TAIPEI (TVBS News) — Optimism regarding salary increases in Taiwan has surged, with nearly 46% of the public expecting a raise next year, up 13.2 percentage points from last year, according to a survey by Cathay Financial Holding Co.

The December survey of economic confidence also showed that about 60% of respondents anticipate year-end bonuses of one to three months' salary, while 8.3% expect bonuses to exceed three months.

Regarding pay raises for the coming year, 9.2% of those surveyed believe increases will surpass 3%, while 47.6% expect monthly wages to remain constant, a decrease of 10.9 percentage points from the previous survey.

The December poll revealed a conservative estimate for Taiwan's 2024 economic growth, with an average expectation of 2.52%, contrasting with the Directorate-General of Budget, Accounting, and Statistics' more bullish 3.35% forecast.

Regarding inflation, respondents predict an average rate of 2.21%, with 55% believing it will exceed 2%, higher than the directorate's 1.64% projection for 2024.

The survey, conducted from Dec. 1-7, gathered 13,379 valid responses through email questionnaires sent to members of Cathay Life Insurance's official website and customers of Cathay United Bank.