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.
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