Majority of Taiwan employees under debt pressure: survey

Source: Xinhua| 2018-10-12 19:12:52|Editor: Li Xia
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TAIPEI, Oct. 12 (Xinhua) -- As many as 80 percent of working Taiwanese people are under pressure to repay mortgages, credit card debt and education loans, a survey has shown.

For those having outstanding debt, an average of 39 percent of their incomes have to be used for repayment, according to local human resource platform 1111 Job Bank. Nine out of 10 respondents with debt said they "felt pressured."

The latest data released by the island's statistics authority showed the average monthly salary of employees in Taiwan in the January-August period was 40,830 new Taiwan dollars (about 1,320 U.S. dollars), up 2.61 percent year on year.

However, 1111 Job Bank Vice President Ho Chi-sheng said rising living costs in Taiwan have outpaced the income rise, prompting people to resort to loans to keep afloat.

Ho said the housing price to income ratio in Taiwan is about nine years, and as high as 15 years for residents in Taipei, which means home buyers are facing a heavy burden.

The survey also found out that 28 percent of the respondents were working part-time in addition to their full-time job, with another 26 percent saying they were planning to. On average, the respondents worked 17.5 hours per week at their part-time job.