The minimum wage next year is to increase to NT$26,400 (US$865) per month and NT$176 per hour, benefiting about 2.33 million Taiwanese, the Ministry of Labor said yesterday.
The statement came after the ministry convened a Basic Wage Commission meeting to finalize the plan to raise the current monthly minimum wage of NT$25,250 by 4.56 percent.
The plan is to be sent to the Executive Yuan for approval.
Photo: Lee Ching-hui, Taipei Times
Ministry data showed that 1.75 million workers would benefit from the monthly salary increase, including 1.27 million employees in the public sector and 484,300 migrant workers.
The increase in the minimum wage and the rate of labor insurance premiums would increase labor insurance premiums covered by employers, employees and the government.
The monthly wage increase would increase costs for employees, employers and the government by NT$1.041 billion, NT$19.124 billion and NT$1.117 billion respectively, the ministry said.
About 574,600 employees would benefit from the increase in the hourly minimum wage, which would increase the insurance costs for employees, employers and the government by NT$362 million, NT$6.309 billion and NT$431 million respectively, the ministry said.
In total, raising the minimum wage would increase cost for employees, employers and the government by NT$1.403 billion, NT$25.433 billion and NT$1.548 billion respectively, the ministry said.
The rate of labor insurance premiums next year would be raised to 12 percent, including 1 percent for employment insurance.
Employers, employees and the government would pay 70 percent, 20 percent and 10 percent of labor insurance premiums respectively.
If a worker earns a monthly wage of NT$26,400, the cost of the employment insurance borne by the employer, the employee and the government would increase by NT$185, NT$53 and NT$26 respectively.
General Chamber of Commerce of the ROC (全國商業總會) chairman Paul Hsu (許舒博) yesterday urged local firms not to raise prices after the minimum wage increase, saying that such a move would add inflationary pressure.
Hsu told a media briefing in Taipei that the government should implement measures to help small and medium-sized companies deal with rising costs so they would not have to place employees on unpaid leave.
Even though the minimum wage increase was higher than the 3 percent raise expected by local trade associations, the groups would still accept it, Hsu said.
Additional reporting by Kao Shih-ching
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