Bleak news for Taiwan’s workers: a new survey by 104 Job Bank shows that projected pay raises and year-end bonuses for the upcoming year could slump to a six-year low.
On Wednesday, local employment placement service 104 Job Bank released the less-than-encouraging results of their latest survey. The results show that while 10% of Taiwanese companies expect to increase year-end bonuses for employees, 14% will slash their bonuses.
The size of the average year-end bonus is slated to drop down to the equivalent of 1.1 months of pay, the lowest in six years.
The outlook for pay raises is also rather bleak. The companies surveyed said they expect to boost wages by an average of 3% next year. That is 0.65% less than the average raise in 2019, and is also a six-year low.
Many companies say the ongoing US-China trade war, the imminent presidential election, and the slowing economy are the top reasons for their pessimistic outlook.