TAIPEI (Taiwan News) — The Cabinet on Thursday (Sept. 14) approved a plan from the Ministry of Labor (MOL) to increase the minimum monthly wage to NT$27,470 (US$862) in 2024.
At a press conference on Thursday, the Cabinet announced it had approved the "Adjustment to Minimum Wage Plan" put forth by the MOL's Minimum Wage Review Committee on Sept. 8. Starting from Jan. 1, 2024, the minimum monthly wage will be raised from NT$26,400 to NT$27,470, an increase of NT$1,070, representing a 4.05% wage hike.
In addition, the minimum hourly wage will be increased by NT$7, from NT$176 to NT$183, a 3.9% rise. This marks the eighth consecutive wage hike since President Tsai Ing-wen (蔡英文) took office in 2016.
Citing soaring inflation, labor groups called for a higher wage increase of between NT$27,600 to NT$28,000. However, business organizations argued that an increase of more than 3% was unwarranted given the sagging manufacturing sector.
According to MOL statistics, an estimated 1.79 million workers will benefit from the monthly salary adjustment. An estimated 600,000 workers will benefit from the hourly wage raise.