TAIPEI (Taiwan News) — Employers and labor groups agree that minimum wages should rise in 2024 due to high inflation, though the size of the hike will have to be decided next month, reports said Tuesday (Aug. 22).

The Ministry of Labor (MOL) said it had scheduled the annual meeting to determine the wage decision for Sept. 8, per CNA. Government representatives, academics, employers and labor organizations will discuss the need for changes to official wages.

The previous decision hiked the official minimum wage to NT$26,400 (US$827) and the minimum hourly wage to NT$176, with the increases taking effect Jan. 1, 2023. It was the seventh consecutive annual raise since President Tsai Ing-wen (蔡英文) assumed office in May 2016.

The MOL said the consensus about a hike in 2024 was inspired by inflation, which economists predicted would stay above 2% for this year. Business groups often oppose minimum wage hikes, but this year was different, with only the size of the increase likely to cause debate, reports said. The employers said weak export figures should be a cause to keep the level of wage increases “reasonable,” per CNA.