Financial and Technology News

Starting salaries up on IoT boom

The electronics sector had the highest starting salaries in Taiwan last year as the Internet of Things (IoT) and artificial intelligence (AI) gained traction, 1111 Job Bank said on Friday.
Citing the results of a survey, 1111 Job Bank said that the average starting salary in the electronics, information, software and semiconductor sector was NT$35,413 (US$1,146) per month last year, up 7.94 percent from a year earlier.
The figure for the electronics sector was the highest among the major industrial sectors in Taiwan, ahead of the construction and property development sector, which had an average starting salary of NT$34,807, up 5.78 percent from a year earlier, the survey found.
The financial and insurance sector was third, with an average starting salary of NT$34,596, up 5.91 percent from a year earlier, it said.
Daniel Lee, head of 1111 Job Bank’s career development and public relations division, said that employees in the electronics sector have relatively high starting salaries at a time when many tech firms are making efforts to develop new technologies such as IoT and AI.
In addition, demand for people with cloud technology and big data development skills has also been on the rise, and Chinese tech firms’ poaching Taiwanese talent has also prompted local employers to offer more competitive pay, Lee said.
The Ministry of Education’s major talent cultivation programs, such as the Yushan Young Scholar Program, encourage tech companies to offer competitive compensation to young people, which has also boosted average starting salaries in the high-tech sector, Lee said.
In the local electronics sector, firms rolling out integrated circuits for optoelectronics and communication devices are keen to offer higher pay, and the average starting salary among such firms was NT$38,916, up 8.1 percent from 2017, 1111 Job Bank said.
Among industrial parks, Neihu Technology Park in Taipei offered the highest average starting salary of NT$54,136, followed by Hsinchu Science Park with NT$54,009, Southern Taiwan Science Park, NT$50,263 and Central Taiwan Science Park, NT$47,659, the survey showed.
The job bank said that the average income rose 1.02 percent from a year earlier to NT$36,571.
The increase reflected local economic growth, but was eroded by inflation, so many employees felt few positive effects, Lee said.
According to a preliminary reading by the Directorate-General of Budget, Accounting and Statistics, Taiwan’s economy grew 2.63 percent last year, while the consumer price index rose 1.35 percent from a year earlier.
The survey collected 297,140 valid questionnaires from 1111 Job Bank’s database.