Starting Wage for New Graduates Breaks NT$29K|大學以上新鮮人起薪 突破29K

Good news to the fresh graduates! As graduation season approaches, a new survey conducted by the Ministry of Labor showed that people with at least a university degree received an average of NT$29,922 as their starting wage,which finally beat the record of NT$29,887 set in 1998.


This year's graduating class will enter the workforce soon. According to the Ministry of Labor, the starting monthly wage for new graduates hit a record high of NT$29,887 in 1998 but has steadily declined since. The ministry cited various reasons, including the financial crisis of 2007 and the depreciation of degrees caused by the rate at which new universities have popped up. It took until 2015 for starting monthly wages to get to NT$29,000 again and until 2017 to exceed 1998's level.

(The starting wage in 2017 for new graduates) with at least a college degree was NT$29,922. It was the highest in the financial and insurance sectors at NT$31,690 because they need professionals in those industries. That's why their starting wages are slightly higher.

Last year, the average starting wage regardless of education level was NT$27,000. The financial and insurance sectors had the highest average starting wage of NT$31,000. The Taiwan Labour Front says starting wages only rose because of Taiwan's low birth rate and aging population and the labor shortage will only worsen as time passes.

Starting this past February, there have been more deaths than births. (Due to the low birth rate and labor shortage), starting wages are going up. (The current starting wage) is only slightly higher than in 1998. Don't forget it is already 2018 and commodities prices are 2018-level prices.

The Taiwan Labour Front says it's good that starting wages for new graduates are finally rising, but inflation continues to outpace wage growth. In addition, workers in many industries still don't earn enough to maintain a basic standard of living. The group says the government needs to protect workers by legislating a minimum wage law as soon as possible.