Cathay Financial Holdings announced the results of the National Economic Confidence Survey today, which found that 54.1% of employees in Taiwan expect the end-year bonus to total about one to three months salary. Last year 55.9% had the same expectation. 39.2% of employees expect the year-end bonus to be less than a month, slightly higher than last year’s 37.9%, Apple Daily reported.
The survey also noted that 61.6% of the public expected next year’s salary to remain unchanged, slightly lower than last year’s 63.6%. 28.7% of those surveyed expect a raise in the next year, higher than last year’s 26.6%. The pay outlook for the year is slightly more positive than last year.
The overall economic outlook has improved for the next year with the total economic growth rate this year expected to reach 1.35%, and the 2017 growth rate forecast to increase to 1.88%. November’s overall export growth rate grew to 12.1%. However, the most recent consumer confidence index continued to decline.
In the job market, apart from pessimistic views on the employment situation last month, the job market outlook for the next six months and salary increases all showed signs of improvement from last month. Confidence in the job market echoes ManpowerGroup’s recent survey that predicts an increase in hiring activity for the start of the new year. The public is not expected to significantly improve consumer spending, with consumer durables spending potentially increasing due to Chinese New Year.