Taipei, Aug. 17 (CNA) Taiwanese incomes hit new highs in 2024, buoyed by steady economic growth, with the average annual income for those under 30 reaching NT$559,000 (US$18,606), Directorate-General of Budget, Accounting and Statistics (DGBAS) data showed.
The average annual income per earner in Taiwan reached NT$729,000 in 2024, with all age groups recording positive growth and setting new highs, according to the DGBAS’ annual Report on the Survey of Family Income and Expenditure.
The average annual income for workers under 30 rose to NT$559,000 in 2024, up 2.5 percent from a year earlier, according to the report.
Earnings increase with age, reaching NT$727,000 for those aged 30-34, NT$818,000 for those aged 35-39, and peaking at NT$944,000 among 45-54 year-olds, said the report, which is issued every August.
Earnings then declined to NT$832,000 for the 55-64 age bracket and to NT$492,000 for those 65 and above.
Meanwhile, the report said household disposable income averaged NT$1.165 million in 2024, up 2.51 percent from NT$1.137 million in 2023, but it was relatively flat when adjusted for inflation falling to NT$1.082 million in 2024 from NT$1.083 million in 2023.
Based on 2021 constant prices, average disposable income per household has remained flat since 2019, when it was NT$1.080 million.
The report showed per capita disposable income rising 2.9 percent year-over-year in 2024 to NT$419,000, but it did not adjust this category for information.
The rising nominal income trend reflected stable economic growth and successive increases in the minimum wage, DGBAS officials said, noting that Taiwan’s economy expanded 4.84 percent in 2024, and the unemployment rate fell to 3.38 percent.
Taiwan has consistently raised its minimum wage annually in recent years, with the monthly minimum wage increased to NT$27,470 in 2024 from NT$26,400 in 2023, while the hourly minimum wage increased to NT$183.
In January 2025, the minimum wage was increased again, with the monthly minimum wage rising to NT$28,590 and the hourly minimum wage to NT$190.