Jan 12, 2024 1 min read

Taiwan – New minimum wage impacting insurance grade tables for social security contributions

Effective from 1 January 2024, the Ministry of Labor in Taiwan increased the minimum wage amount from TWD 26,400 to TWD 27,470 monthly and from TWD 176 to TWD 183 on an hourly basis.

The Ministry of Labor has amended the following insurance tables with respect to the above amendment.

Table of grades of labor insurance salary

The level 1 monthly insurance salary has been amended to TWD 27,470. The amount for the remaining levels stays unchanged. Further, a new level (TWD 26,400) will be added to the levels of monthly insurance salary for the trainees of vocational training institutions.

Insured salary category chart of labor occupational accident insurance

The level 1 monthly insurance salary has been amended to TWD 27,470. The amount for the remaining levels stays unchanged.

Monthly contribution classification of labor pension

A new level of TWD 27,470 will be added to the table. The other levels shall remain unchanged.

The amended tables will apply to all wages and salaries earned after 1 January 2024.

Please contact your Mercans’ services delivery team for any additional information regarding the implications of the above change.

Mercans Recommends

View PDF

Taiwan announces 2024 minimum wage impacting insurance grades for social security contributions
Size

853.98 KB

Most viewed posts

View all posts

Avasant Selects Mercans as a Leader in Payroll Business Process Tra...

The meticulous research methodology employed by Avasant included analyzing publicly available information like SEC filings, annual reports, and executive interviews, along with engaging in discussions and market interactions.

Dec 22, 2023 4 min read

Global BPO Leader Infosys Selects Mercans’ Payroll Tech to Power i...

This partnership brings together Mercans' disruptive payroll tech and Infosys' consulting and BPO capabilities to create the most tech advanced and operationally resilient global payroll offering.

Sep 26, 2023 3 min read

Mercans: A Leader in Global Managed Payroll – ISG Provider Lens™ 2023

Payroll solutions and services study meticulously assessed 36 vendors across three distinct quadrants, and Mercans proudly emerged as a frontrunner.

Nov 9, 2023 2 min read