Taiwan’s average starting salary for college graduates is T$33,713

The average starting salary of Taiwanese college graduates this year was only 33,713 Taiwan dollars, up 4.9% from last year, the highest ever.

Taiwanese media, including the China Times, made the report on Monday, citing the analysis of data on job seekers at 104 Human Resources Bank, a Taiwanese employment site. If converted into annual salary, the figure amounts to around 17.8 million won (18,400 U.S. dollars).

In the case of Taiwan, the average wage is reported to be low due to the high subcontracting competition centered on OEM and manufacturer development production (ODM) such as the United States and China because they do not have their own brands.

Among college graduates, the average starting salary in engineering, medicine, health, machinery, mathematics, and computer science was 36,000 Taiwanese dollars, 13% higher than that of liberal arts students. In addition, the average starting salary for graduates with master’s degrees this year was 36,364 Taiwanese dollars, up 4.5% from last year.

According to an expert, wages have risen as wages in the same industry have been compared due to the recent low birth rate and the lack of labor force due to the development of information and communication. It also added that this year’s minimum wage has increased by 4.08 percent to 28,590 Taiwanese dollars.

He also argued that the appropriate starting wage for college graduates should rise to between $33,000 and $35,000, saying that savings are not easy due to the recent rise in prices and the burden of monthly rent and student loan repayment.

Another expert pointed out that the number of young Taiwanese people is increasing recently, and the number of voluntary “freeters” who make a living by working part-time jobs is increasing.

JENNIFER KIM

US ASIA JOURNAL