TAIPEI (Taiwan News) — Taiwan will hike the basic minimum wage to NT$27,470 (US$855.66) a month in 2024 from NT$26,400 and basic hourly pay to NT$183 from NT$176 for the eighth annual rise in a row, the Minimum Wage Review Committee decided on Friday (Sept. 8).

The rate of increase for the monthly salary amounted to 4.05%, just above the 4% demanded by some labor groups, the Liberty Times reported. The committee, consisting of representatives from government, academia, employers, and labor, had been facing contradictory demands.

Labor groups pointed to high inflation to demand a rise to a range between NT$27,600 and NT$28,000, while business organizations said any hike by more than 3% was not warranted due to the poor performance of the manufacturing sector.

The new wage levels will take effect from Jan. 1, 2024, after the Cabinet approves the committee’s recommendation, mostly a formality. The latest decision means that the minimum salary has risen each year since President Tsai Ing-wen (蔡英文) took office in 2016.