Taiwanese workers under the age of 30 last year, on average, earned an annual income of NT$545,931 (US$17,044), a new high, as the economy continued to improve, data released by the Directorate-General of Budget, Accounting and Statistics (DGBAS) showed.
That equated to monthly earnings of NT$45,494 per person, and marked an increase from NT$535,667 in 2022, the data showed.
In addition to an improved economy, average incomes rose as the unemployment rate declined and the minimum wage rose, the statistics agency said.
Photo: CNA
Overall, average income in Taiwan also hit a new record of NT$709,000 last year, up from NT$704,000 in 2022, the data showed.
Average income across all age groups rose last year, the agency said.
Average income includes wages, investment returns, rental income and government subsidies, it said.
One-off government cash payments of NT$6,000 each to Taiwanese and certain foreigners also helped boost average income last year, the DGBAS added.
Last year, the average deficit in savings for the lowest 20 percent of households reached a 15-year low of NT$16,626, which occurs when household spending exceeds disposable income, it said.
That was the lowest figure since 2008 when negative savings were at NT$5,901, and was the 17th consecutive year the group recorded negative savings, it said.
The DGBAS said that its savings data did not include households’ aggregate savings, stock or real-estate holdings, so negative savings do not necessarily mean a household is poor.
More than 60 percent of households in the lowest 20 percent income bracket are composed of people aged 65 or older, and many of them rely on savings to cover their financial needs, it said.
Therefore, it is not surprising that that income group tends to report negative savings, it added.
Average household savings totaled NT$275,402 last year, a new high and up NT$1,370 from a year earlier, the DGBAS said.
The average household’s disposable income last year rose 2.5 percent from 2022 to NT$1.14 million, while the median figure was NT$961,000, up 2.2 percent from a year earlier, data showed.
Average disposable income for individuals last year increased 4 percent from a year earlier to NT$407,000, while median disposable income rose 3.7 percent to NT$349,000, the data showed.
The navy has installed 13 Phalanx Block 1B close-in weapons systems on its warships, increasing their defensive firepower, a defense official said on Saturday. The systems cost the navy NT$10.16 billion (US$314.67 million), while eight additional Block 1A systems are being upgraded in the US and are expected to be delivered next year, the official said, speaking on condition of anonymity. The Phalanx system used by Taiwan to defend its warships and key radar installations is a radar-cued gun system capable of firing 4,500 rounds a minute at targets as far away as 1.5km, the official said. With their superior range of
RECOVERY: Overall, average income across all age groups increased, climbing to a record NT$709,000 last year, on the back of an improved economy, the DGBAS said Taiwanese workers under the age of 30 last year, on average, earned an annual income of NT$545,931 (US$17,044), a new high, as the economy continued to improve, data released by the Directorate-General of Budget, Accounting and Statistics (DGBAS) showed. That equated to monthly earnings of NT$45,494 per person, and marked an increase from NT$535,667 in 2022, the data showed. In addition to an improved economy, average incomes rose as the unemployment rate declined and the minimum wage rose, the statistics agency said. Overall, average income in Taiwan also hit a new record of NT$709,000 last year, up from NT$704,000 in 2022, the data
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