Taiwan's labor department announced on Thursday that it will raise the monthly minimum wage from 20,008 new Taiwan dollars (about 640 U.S. dollars) to 21,009 from Jan. 1, 2017.

If approved, the decision will benefit more than 1.62 million workers on the island, the department said.

Meanwhile, the hourly minimum wage will increase from 120 new Taiwan dollars to 126, starting October 1.

According to the decision, the hourly minimum wage will be raised again on January 1, to 133 new Taiwan dollars. About 390,000 workers will benefit, the department said.

The island's current minimum wage was set July last year.

Source: XINHUA