Financial and Technology News

Taiwan’s happiness ranking in the world climbed two notches this year, as people felt slightly happier this year, thanks to a stable job market and income improvement, the Directorate-General of Budget, Accounting and Statistics (DGBAS) said yesterday.

The national happiness index — compiled from 24 indicators in 11 categories and based on the Organisation for Economic Co-operation and Development’s (OECD) Better Life Index (BLI) — stood at 6.96 points this year, ranking Taiwan 16th among 39 OECD members and partners, the DGBAS report showed.

It is the best performance since the adoption of the index in 2013 to capture the nation’s living condition. Norway topped this year’s ranking, followed by Australia and Denmark, according to the BLI report.

The statistics agency attributed the improving sentiment to a continued increase in employment and average income between 2014 and last year.

The labor participation rate rose to 64.5 percent last year, up for a fifth straight year from 61.3 percent in 2009, when the nation emerged from the global financial crisis, the report said.

The unemployment rate slid to 3.6 percent last year, compared with 4 percent in 2013, the report said, though the number of temporary and contract workers increased.

The real monthly wage averaged NT$46,782 last year, representing a 2.8 percent gain from a year earlier, which is the fastest growth since 2011, the report said.

Consequently, per capita disposable income picked up 6.6 percent last year, while per capita financial wealth grew 8.2 percent, the report said.

Per capita consumption amounted to NT$245,000 last year, an increase of 2.2 percent from a year earlier, it said.

Educational attainment also improved, with 77.9 percent of people aged between 25 and 64 having received a high-school education or higher, the report said.

The ratio was slightly higher for Taiwanese women at above 80 percent compared with 74.5 percent for Taiwanese men, the report found, adding that 32.6 percent enrolled in extended education programs.

People who work 50 hours a week stood at 10.2 percent last year, down from 11.1 percent a year earlier, the report said, indicating a changing perception toward work and leading a balanced life.

In addition, Taiwanese reported a higher satisfaction rating about housing conditions at 85.9 percent, up 3 percentage points from a year earlier, the report said.

The increased satisfaction came even though housing affordability failed to ease. Average housing prices constituted 8.5 times household incomes last year, up 0.1 from a year earlier, the report said.

The ratio is 15.7 times for houses in Taipei.