TAIPEI (TVBS News) — Taiwan is set to raise its minimum wage by approximately 4.05% starting in January 2024, benefiting approximately 1.79 million monthly wage earners and around 600,000 hourly workers, according to the Ministry of Labor (MOL).
The 2024 minimum wage in Taiwan will increase from NT＄26,400 to NT＄7,470, marking a NT＄1,070 hike. Additionally, the hourly base wage will rise from NT＄176 to NT＄83, an increase of NT＄7.
In conjunction with the wage hike, adjustments will be made to various tables, including the labor insurance salary grading table, the labor retirement monthly contribution grade chart, and the workmen's occupational insurance salary grading table.
However, this increase in wages will also lead to additional labor insurance expenses for employers, workers, and the government.
For employers hiring a worker with a NT＄27,470 salary, they will be responsible for NT＄2,307, while workers will contribute NT＄659, and the government will bear NT＄329.
Compared to the current system, this change represents an increase of NT＄89 for employers, NT＄25 for workers, and NT＄13 for the government.