Page 48 - 2024 BRAVO! TAIWAN_en

Highly Professional Workforce

Labor Market

¾ A Quality Labor Force That Continues to Improve
In 2023 the labor force reached 11.94 million, an increase of 90,000, and an increase of 490,000 from
11.45 million since 2013. Overall, Taiwan's labor market is quite stable, demonstrated by the long-term
growth trend adding 490,000 people from 11.45 million in 2013. In 2023, the labor force participation
rate in Taiwan was 59.22%, and the unemployment rate was 3.48%. Due to the significant increase in
participation in higher education over the past decade, the proportion of the labor force with a college
education or above has continued to rise. The government's promotion of policies such as school-work
integration, industry-academia cooperation, and lifelong education have also further enhanced Taiwan's
international competitiveness in human resources quality.
Over 300,000 students graduate from colleges and universities in Taiwan every year, of which close
to 60,000 have master's and Ph.D. degrees. In 2023, 6.54 million employees or 56% had a college
degree or higher. In 2022 there were approximately 15 person-years of full time researchers per 1000
employees. The accumulated technical and managerial talent in the manufacturing and service industries
means that ensures that foreign firms investing in operations in Taiwan can meet their need for high-level
technical and management personnel.

¾ Rising Labor Productivity

Over the past decade, Taiwan's consumer price index (CPI) has risen by an average of 1.2% per year,
while wages for employees in the industrial and service sectors have risen by an average of 2.4%
per year. Although Taiwan's commodity prices and wages have remained stable over the long term,
productivity of industrial sector employees has increased at an average rate of 2.2% per year, indicating
continued improvement in labor productivity.

¾ Employee Hiring
Over the past decade, the number of employed professionals has increased by 20.7% or 270,000
people, and the number of employees in services and sales has increased 7%, adding 150,000 people.
By industry, accommodations & restaurants and health care and social services grew the most, adding
100,000 people each for growth of 13.2% and 23.9%, respectively. Ranking third, transportation and
warehousing added 70,000 employees for growth of 16.5%.

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