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.
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