The number of workers hired by the local industrial and service sectors in October rose a fractional 0.06 percent, or 5,000 people, from a month earlier to 8.19 million, but overtime hours shrank for a fourth straight month due to a decline in business, the Directorate-General of Budget, Accounting and Statistics (DGBAS) said yesterday.
It is uncommon for local manufacturers to report a decline in overtime hours or headcounts in October, the traditional high season for technology product suppliers, DGBAS Census Department Deputy Director Chen Hui-hsin (陳惠欣) said.
However, manufacturers are struggling to digest excessive inventory, while service providers are emerging from the COVID-19 pandemic, Chen said.
Photo: Clare Cheng, Taipei Times
When business declines, firms cut overtime hours first and then reduce their payroll if things fail to improve, she said.
Overtime hours fell 3.56 percent from September to 7.4 hours per person, down 11.9 percent from a year earlier, the DGBAS said.
Taiwan’s exports slipped into contraction in October, and the retreat widened sharply last month.
Inventory corrections are expected to persist through the first half of next year due to sluggish end-market demand, corporate and government officials have said.
The accession rate dropped 0.42 percentage points to 2.2 percent, while the exit rate declined 0.53 percentage points to 2.14 percent, not yet fully reflecting the economic situation, the DGBAS said.
Average monthly wages in October rose 2.15 percent from a year earlier to NT$44,528, while total wages — including overtime, commissions and bonuses — grew a slight 0.67 percent to NT$50,449, it said.
Overall compensation declined 4.3 percent from one month earlier, it said.
In the first 10 months of the year, regular wages advanced 2.9 percent to NT$44,339 a month, but registered negative growth of 0.13 percent after factoring in inflation of 3.04 percent, the agency said.
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