Taiwan raises monthly minimum wage to NT$24,000 effective January
Taiwan has increased its minimum monthly wage to NT$24,000 (US$855) and its minimum hourly wage to (US$5.70), effective January 1st this year.
This raises the minimum monthly wage from its previous level by NT$200 (US$7.13), and the hourly wage by NT$2 (US$0.071).
The Ministry of Labour estimates that some 1,558,500 workers will benefit from the monthly wage increase, which includes 1,097,700 Taiwanese and 460,800 foreigners, while 524,300 workers are expected to benefit from the hourly wage hike.
The wage increase marks the fifth minimum monthly wage hike since President Tsai Ing-wen came into office. “Today, the minimum wage was raised once again. Given the pandemic’s effect on the global economy, although the increase was modest, it is still a remarkable achievement,” the president said in her New Year’s day speech.
In December, Taiwan loosened the requirements for foreigners planning to work in the finance sector as it sought to position itself as an international financial hub.
The minimum five years previously required for finance-related roles in industries like fintech, tech management, green tech, e-commerce, and digital economy was slashed to three years.