TAIPEI (Taiwan News) — Taiwan’s minimum wage is set to increase starting on Jan. 1, according to the Ministry of Labor (MOL).
The MOL proposed raising the minimum monthly wage and hourly wages in October, and the Cabinet then approved the move. The minimum monthly wage will increase to NT$25,250, up 5.21% from the current NT$24,000, while minimum hourly pay will increase from NT$160 to NT$168, according to CNA.
Around 1,942,800 workers are expected to benefit from the monthly wage bump, while about 511,100 should benefit from the hourly wage increase, according to MOL figures. The upcoming raise marks the sixth under the Tsai administration, with 5.21% increase being the highest in 15 years.
Starting next year, the labor insurance salary classification grades will be reduced to 14 from 15, according to information posted by the MOL’s Bureau of Labor Insurance.