RESTORATION:
Overall, average earnings across all age groups rose to a record NT$709,000 last year on the back of an improving economy, DGBAS said
Taiwanese workers under the age of 30 last year earned an average 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 improving economy, average incomes rose as unemployment fell and the minimum wage rose, the statistics office 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 incomes last year, DGBAS added.
Last year, the average shortfall in savings for the lowest 20 percent of households hit a 15-year low of NT$16,626, which occurs when household spending exceeds disposable income, it said.
It was the lowest figure since 2008, when negative savings were NT$5,901, and it was the 17th consecutive year the group recorded negative savings, it said.
DGBAS said its savings data did not include households’ total savings, stocks or property holdings, so negative savings do not necessarily mean a household is poor.
More than 60 percent of households in the lowest 20 percent income group are made up of people aged 65 or older, and many of them rely on savings to meet 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, DGBAS said.
Average household 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 rose 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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