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Taiwan Minimum Wage Can Reach NT30,000 In 4 To 6 Years - Vice Premier

With continuous economic growth and annual increase of the minimum wage that exceed the growth rate, a NT30,000 (Php52,000) can be achieved in four to six years in Taiwan according to Vice Premier Shih-Jun Ji during a radio interview.

If the annual increase is at least 6% per year, then it is possible. A 4.5% increase of minimum wage last January 1, 2018 (NT22,000) and currently a 5% increase (NT23,100) that will take effect on January 1, 2019.

An annual 8% growth will have the NT30,000 minimum wage in 2022 and a 6% growth can achieved by 2024.
Although negative effects of minimum wage hike can result of closure or shutdown small businesses and layoffs on big companies. The minimum wage hike is always allowed for a positive economic growth country.


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