Taiwan likely to increase minimum wage next year
Taiwan is set to increase its minimum wage next year, although the finer details are only to be finalised on October 8, when the Minimum Wage Review Committee convenes.
“I am in support of an increase and the members of the committee are also in agreement,” said Minister of Economic Affairs Wang Mei-hua, according to Taipei Times. “However, we are yet to conclusively arrive at a number,” she added.
National Development Council Minister Kung Ming-hsin has hinted that the increase could be “a bit more generous”, given Taiwan’s economic growth. “Taiwan’s economic growth might exceed 6 percent this year, so I hope that we can be a little bolder with an increase,” said Kung.
The committee holds a minimum wage review meeting in the third quarter of every year, and if it decides to make an adjustment to the minimum wage, the committee must submit its decision to the Cabinet for approval. Typically, the Cabinet follows after the committee’s recommendation.
Taiwan’s current minimum monthly wage is set at NT$24,000 (US$857) and its minimum hourly wage is NT$160 (US$5.75). Last year, the minimum wage was raised by only 0.84% due to the pandemic, marking the lowest increase in five years.