Taiwan officially approves minimum wage raise

Taiwan’s Ministry of Labour’s Minimum Wage Review Committee has decided that starting January 1, 2023, the minimum monthly wage would be raised from NT$25,250 (US$818) to NT$26,400 (US$855), while the minimum hourly rate would be increased from NT$168 (US$5.4) to NT$176 (US$5.7).

Premier Su Tseng-chang approved the salary adjustment plan after hearing the report on the “Minimum Wage Adjustment”. This marks the seventh consecutive time that President Tsai Ing-wen has raised the minimum wage since taking office. 

Su said that there is a symbiotic relationship between labour and management though there are conflicts of interest. He acknowledged that it was not easy to reach a consensus on a salary increase. 

READ: Most Taiwan firms reject proposed minimum wage hike

The premier said that thanks to the integration of labour and management, and the government’s ability to consider input when making decisions, he was grateful and pleased with this “satisfactory and acceptable result”. He stated that the increase in the minimum wage will greatly benefit young people who have just entered the workforce, as well as disadvantaged workers. 

An estimated 2.32 million workers are expected to benefit from this wage increase, according to Taiwan News.