Taiwanese Struggle to Raise their Wages

According to reports from the Organization of Economic Cooperation and Development, those who work is Mexico make around $1,276 a month. Due to their low GPA per capita, they are considered a developing country. Forty-six percent of the Latin American population is poor. That’s equivalent to 120 million people. However, Taiwanese people make around the same. They typically bring in around $1,288 per month, which is a 1.6 percent increase within the last two years.

However, The International Monetary Fund and other officials claim that Taiwan is advancing. Be that as it may, when it comes to other Asian countries such as South Korea or Singapore, their wages are much lower.

Taiwanese Earn only $1,288 per month

One of the reasons for the lower wages is their struggling report businesses. On the biggest competitors for the Taiwanese is China. They are able to make and export the same products but at lower prices.

According to an economist from Taiwan, Singapore, South Korea and Hong Kong are the reason for the struggle in wages. Though the country was able to gain power over the last decade, they still rank fourth in wage growth.

Economists say that the wages in Taiwan steadily grew and they were exporting more good to the U.S. and China. However, in the long run, they had to cut prices and the pay to their workers.

As more jobs were lost, so were wages. During 2015, a slip in the world exports made it even worse for workers in Taiwan.

The DBS Bank estimates that the overall inflation in 2017 only went up 1% for the entire year. However, consumers from Taipei continue to complain about the increase in product prices. Last month people were cleaning out stores of their toilet paper. The reason being that there was announce that the toiletry would be rising 10-30% soon.