TAIPEI (Taiwan News) -- Taiwan's minimum monthly wage has been increased by three percent, while the hourly minimum rate has been hiked by five percent.

After several hours of negotiations today, the Basic Wage Deliberation Committee of the Ministry of Labor (MOL) decided to raise the monthly minimum wage from NT$23,100 (US$736) to NT$23,800, an increase of three percent. Meanwhile, it also decided to raise the hourly minimum wage from NT$150 to NT$158, a hike of five percent, reported CNA.

The committee which made the decision on the amounts of the wage hikes included labor leaders, business representatives and government officials. The committee meets in the third quarter each year to discuss any further increases in wages.

The proposed changes have now been sent to the Cabinet for final approval. Once approved, this would mark the fourth time the monthly minimum wage has been increased since Taiwan President Tsai Ing-wen (蔡英文) has taken office.

Prior to the committee's meeting, labor groups had been lobbying for a five percent hike in the minimum monthly wage. Last year’s meeting resulted in an increase of 5 percent for the monthly salary and of 7.14 percent for the hourly wage.

In accordance with the Labor Standards Act (勞動基準法), foreign workers in Taiwan will also receive the pay raise. Once the new pay hike goes into effect, 2.31 million laborers, including 1.36 million Taiwanese workers, 430,000 foreign migrant workers, and 520,000 part-time workers, are expected to benefit.