2024 Taiwan Average Wages Adjustment
From January 1st 2024, the average monthly wages from TWD 26,400 are adjusted into TWD 27,470, increasing TWD 1,070, in growth rate 4.05%, announced by Taiwan Ministry of Labor. Furthermore, the average hourly wages are also adjusted from TWD 176 into TWD 183, increasing TWD 7 accordingly.
From the further explanation by Ministry of Labor, followed with the increasing of daily necessities price, the average wages must be risen as well to cover and maintain the basic requirements of livelihood. Considering of the rise of annual CPI , increasing of 17 daily necessities, economic growth rate and overall financial phenomena, the adjustment of wages this time becomes a mandatory measure.
Why is it necessary to set up the average wages? The purpose of setting is to protect labors’ basic livelihoods as well as purchase capabilities to broaden and promote the gross domestic production.
According to the article 21th in “Labor Standard Act”, although the amount of wages are dealt by the mutual parties of employer and employee, it is still not allowed to lower than the regulated average wages. The definition of average wages is the remuneration paid to employees within the “normal working hours”, not including the prolonged hours, leaves, national holidays and weekends. The regulation of average wages is to protect employees to work within the normal hours and maintain the basic livelihood.
Under the circumstance of shortage of labor forces, sub-replacement fertility, and aging society in Taiwan, it becomes more and more difficult to find labor forces. As soon as shortage of labor forces becomes normal, the employers may face the situation to adjust the wages structure to improve the working environments.