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Cabinet approves minimum wage hike starting January 2024

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Cabinet approves minimum wage hike starting January 2024

At Thursday's weekly Cabinet meeting, Premier Chen Chien-jen received a briefing from the Ministry of Labor (MOL) on adjustments to the national minimum wage. The wage increase will come into effect on January 1, 2024, marking the eighth consecutive year that the minimum wage has been raised since President Tsai Ing-wen took office in 2016. Premier Chen said regular minimum wage adjustment is a flagship labor policy of this administration and demonstrates the government's firm resolve to care for low-paid workers.

The premier said the Minimum Wage Commission on September 8 approved a plan to raise the monthly minimum wage from the current NT$26,400 (US$826) to NT$27,470 (US$859), and the hourly minimum wage from NT$176 (US$5.51) to NT$183 (US$5.72). The wage hike is forecast to benefit over 2.39 million laborers, of which approximately 2.05 million will be local workers.

International shortages of raw materials, caused by factors such as the Russia-Ukraine war and climate change, have led to rising prices for important domestic consumer goods, the premier said. The minimum wage is designed to safeguard the basic livelihoods of workers and must appropriately reflect this rise in consumer prices to guarantee the real purchasing power of workers, so that they can meet their basic living expenses.

Premier Chen also directed the MOL to swiftly examine whether further revisions are necessary to an existing draft proposal for a minimum wage law, based on the ministry's experiences adjusting the minimum wage for the past eight years. He requested the draft proposal be sent for review at a forthcoming Cabinet meeting, after which, subject to approval, it will be submitted to the Legislative Yuan for deliberation.

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