TAIPEI (Taiwan News) — Taiwan's minimum monthly wage will be raised to NT$24,000 (US$852.9) and the minimum hourly wage to NT$160 at the start of next year.

According to the Ministry of Labor, the Cabinet has approved raising the minimum monthly wage by NT$200, with the hourly wage to increase by NT$2. The changes will go into effect on Jan. 1, 2021.

The ministry estimates that 1,558,500 workers will benefit from the monthly wage increase, including 1,097,700 Taiwanese and 460,800 foreign nationals. Meanwhile, 524,300 workers are expected to benefit from the hourly wage hike.

This will mark the fifth minimum monthly wage increase since President Tsai Ing-wen (蔡英文) took office. Employers are reminded to respect labor rights and adhere to the new minimum wage, as well as overtime pay requirements.