TAIPEI (Taiwan News) — A committee organized by Taiwan's Ministry of Labor (MOL) on Friday (Oct. 8) decided to raise Taiwan's monthly and minimum wages by 5% next year.

At 10 a.m. on Friday, a meeting of the MOL's Minimum Wage Review Committee representing labor groups, businesses, government, and academia discussed a raise in pay for next year. The committee had originally been scheduled to meet in August, but it was delayed due to the domestic COVID situation over the summer.

The group came to a consensus that the monthly minimum wage should be increased from NT$24,000 (US$855) to NT$25,250 and the hourly pay rate should be boosted from NT$160 to NT$168, reported CNA. This represents a 5% increase in both categories, which is within the range of 5 to 6% senior officials had suggested in September.

The plan will next be submitted to the Cabinet for approval.