The Cabinet yesterday approved a draft national minimum-wage bill that would use the consumer price index (CPI) as a reference, as well as fines of up to NT$1.5 million (US$46,712) for employers who contravene the law.
The Ministry of Labor’s proposal would establish a review committee to develop a minimum-wage adjustment plan.
The committee would comprise representatives of employees, employers and the government, as well as experts, with meetings in the third quarter annually to review the minimum wage and recommend adjustments, taking into consideration CPI growth.
The committee would also take into account other economic indicators, such as labor productivity, average wage, national economic development, national and per capita income, GDP, the producer price index, the development of industries and employment, wages across industries, family income and expenditure, and living expenses, the draft legislation says.
An interdisciplinary research team comprising academics, experts and representatives of government agencies would report on the effects of adjustments to the minimum wage on the economy and employment, the bill says.
The researchers’ report would be submitted to the review committee in April each year, the bill says.
The researchers would also recommend adjustments to the minimum wage at least 30 days before the committee meets, it says.
If the draft is approved by the legislature, employers who contravene the law would face fines ranging from NT$20,000 to NT$1.5 million, their names would be made public and they would be required to adhere to the regulations within a mandated period.
In other matters, the Cabinet approved amendments to the House Tax Act (房屋稅條例), paving the way for tax hikes for owners of multiple homes to between 2 and 4.8 percent, while easing the rate to 1 percent for self-occupied homes for people who own a single property.
The proposed hikes aim to curb property hoarding in a more uniform and effective fashion, the Ministry of Finance said in a statement.
More than 3.1 million households would benefit from the proposed tax cuts, reducing tax income by NT$2.3 billion, while up to 1.35 million households would be affected by the proposed hikes, adding as much as NT$5.57 billion to the national coffers, the finance ministry said.
The house tax act amendments would take effect on July 1 next year if legislators approved the changes.
Additional reporting by Lisa Wang
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