Taiwan’s minimum wage increased in 2022 by its greatest amount in 15 years. Meanwhile, the unemployment rate has also dropped to the lowest it’s been in over two decades.
This may come as a disappointment to the business groups that fearmonger that increasing the minimum wage will lead to rising unemployment. This has not happened. (I don’t expect these groups to announce that they were mistaken any time soon.)
I’d like to go a step further. Not only do minimum wage increases not put people out of work, such increases may in fact lead to better employment rates.
