Overview of Taiwan
The rapid growth of Taiwan in the industrial sector is said to be a 'Taiwan miracle.' Taiwan stands amongst the four most developed and rich countries of Asia, South Korea, Hong Kong, and Singapore being the other three. It has good trade relations with Indonesia, Thailand, Malaysia, the Philippines, India, and Vietnam. Taiwan has a capitalist economy that works on free-market principles. Based on PPP GDP, Taiwan is the 7th largest economy in Asia and 20th largest economy in the world.
Total population – 23.6 million
GDP – US $24.56 billion (NT US $682.702 billion)
Taiwan has an export-driven economy. Their GDP has shown a rise of over 8 percent in the past three decades. It has a PPP GDP of US $0.050 trillion (NT 1.403 trillion) and thus a per capita income of US $2,049.29 (NT 56,959). Taiwan's nominal GDP is less than its PPP GDP. The nominal GDP of Taiwan is estimated to be US $24.56 billion (NT 682.702 billion) in 2021, with per capita income of US $1,155.73 (NT US $32,123).
The market of Taiwan is mainly driven by the electronics and telecommunication sector. In this sector, it is the most technologically advanced nation in the world, especially in developing microchips. The public sector in Taiwan is the major earning sector comprising industries like energy, agriculture, information technology, steel, semiconductor industry, maritime industry, manufacturing, etc.
A brief glimpse of the industries
- The semiconductor industry in Taiwan is a subpart of the information technology industry. Manufacturing, packaging, and design are the main areas where Taiwan offers opportunities. The semiconductor industry has seen a boost in 2020 as the lockdown of COVID-19 increased the need for electronics.
- The Information Technology (IT) industry emerged in the 1960s in Taiwan. Ever since then, this industry has seen steady growth. The pandemic of COVID-19 has given anything but a boost as the demand to supply ratio increased in the market.
- The agricultural industry in Taiwan has been the foundation of Taiwan's economic growth. This industry contributes 3 percent to the GDP of the nation. In 2020-21, agriculture was slowed due to the restrictions imposed, which resulted in less production than the previous years. But now, as the restrictions are lifted, Taiwan is all set to increase its agricultural productivity.
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Cost of living in Taiwan
The cost of living in Taiwan is very affordable as compared to the metro cities of the USA. The housing facilities have higher rates than any other utilities, including food. Food is very cheap, and a number of fast-food options are available for workers and students.
Cost of Renting
The cost of renting is high in Taiwan. Your location matters very much when it comes to housing. The rent cost varies depending on the area of your house, location and locality of the house, amenities, and facilities available, etc.
Cost of living depending upon your location
The cost of living has increased ever since the pandemic of COVID-19. Investment in healthcare and sanitization has seen the most increase. Depending on your location, the availability and cost of utilities vary. Metro cities have high living costs as compared to rural cities.
- Cities categorized as Tier 1 cities are metropolitan cities like Taipei, Hsinchu, Taoyuan, etc.
- Cities categorized as Tier 2 cities are upcoming centers like Keelung, Taichung, etc.
- Cities categorized as Tier 3 cities are locations with notable growth potential like Miaoli, Yilan, etc.
Mentioned below are details regarding the cost of living in the leading Tier 1 and Tier 2 cities of Taiwan.
The top sectors that are expected to hire in 2021 in Taiwan are: -
Top skills in Taiwan
The market in Taiwan is highly dominated by the semiconductor industry and information technology sector. Taiwan is always looking for skilled individuals and highly qualified professionals to serve the constant responsibilities.
Major skills and areas which have witnessed a recent growth rate
- Information Technology
- Renewable Energy
Top skills city-wise occupation-wise
The cities in Taiwan are classified into three broad administrative units viz. special municipality, city, and county-administered city. The available job opportunities greatly depend on which category your work city falls.
- Taipei – Taipei being the center of all the import-export trade, has numerous opportunities in sales, business development, business administration, management, marketing, operations, etc. This city has beautiful landscapes and holds to be a perfect location for individuals as well as families.
- Taichung – Taichung has numerous information technology and semiconductor industries. There are budding startups coming up every while. There is no shortage of technical and information technology jobs in Taichung.
The cost of hiring is an important expense for a company. A company/industry/sector must spend a certain amount in fulfilling the available positions. These cost account for the following factors: –
- Opportunity costs
- Advertisement costs
- Shortlisting and interview process
- The lending of personnel for interview
Salary structure for various roles
The table below highlights the average salaries that are offered to employees in Taiwan according to different sectors: -
Employment laws in Taiwan
Taiwan has a specialized Ministry of Labor that makes employment laws and ensures their fulfillment. While making a law, every aspect, right from personal to political, is taken under consideration. Taiwan has sacred religious views which are with care, not disrupted by any means. Following aspects of employment are regulated –
- Penal Provisions
- Compensation for Occupational Accidents
- Working Hours and Recess
The laws and regulations that govern the employment relationships in Taiwan are based upon
- Labor laws
- Criminal laws
- Civil service laws
- Ministry of Justice
- Ministry of Labor
How Can Skuad Help You with Hiring in Taiwan?
Hiring the best talent in Taiwan is a complicated process. It requires you to have complete knowledge of hiring costs, local rules, cost of living, and various other aspects. These processes take up a lot of your time and resources. Now, with Skuad as an Employer of Record partner, all your legal recruitment requirements are efficiently handled by just a click of a button. Connect with Skuad to know more.