Rising prices have dampened willingness among businesses to increase spending as they brace for added financial pressure. That’s according to the latest survey released by online job bank, Yes123.
Recent data from Taiwan's Directorate-General of Budget, Accounting and Statistics (DGBAS) indicated that the year-over-year rental index in March grew to 2.24%, the highest in nearly a year. This combined with the slated 11% electricity hike starting April has raised concerns for residents and businesses alike.
Online job bank Yes123’s survey showed that 45% of employers admit that April’s electricity price hike will reduce their willingness to raise salaries and nearly 30% say it will diminish willingness to recruit new employees. 83% of companies revealed that they also plan to implement energy-saving measures in the second quarter.
Moreover, the survey also determined that among the respondents, 46.1% identified as renters, with an average monthly rent expenditure of NT$11,098 (nearly US$343). A vast majority of these renting employees, 88.3% worry the increased electricity prices and increased interest rates announced by the Central Bank last month will translate into higher rental rates.
The Yes123 survey was based on 1,366 responses from its members and 1,058 responses from companies.