Minimum wage 2024: 5 hidden costs of survival you're missing

With the increase in the minimum wage in 2024, the rights and interests of many grassroots workers are protected. However, is the 2024 minimum wage really enough for life? Many people tend to ignore the hidden costs that affect survival when they care about salary figures. These costs are often not on the books, but they actually erode your monthly salary. This article will analyze in depth the five key costs that you tend to overlook but determine your survival in the form of professional news reports. Through lists, comparative analysis, and item-by-item explanations, it will help you understand the real cost pressure "beyond monthly salary".

Overview of the 2024 Minimum Wage Adjustment

Minimum wage data for 2024

In 2024, Taiwan's basic wage will be increased again after evaluation:

The increase may seem exciting, but the actual income received may not increase accordingly.The reason is that various "hidden expenses" that affect life have also increased simultaneously.

Direct impact of the price hike

Although wages have increased, this has been accompanied by rising prices, inflationary pressure, and higher overall social costs.This means that although many workers' wages appear to have increased, their actual disposable income may not have made significant progress. If you think that the government's increase in the "minimum wage 2024" can solve your life difficulties, then you may underestimate these hidden pressures!

5 Hidden Costs of Survival That You're Ignoring

1. The cost of labor insurance, health insurance, and retirement benefits is more than you think

Many people mistakenly believe that the salary they receive is everything, but according to regulations, workers themselves need to bear multiple insurance premiums, including labor insurance, health insurance, and labor retirement.

The actual salary received may be 5%~8% lower than the book salary!

Reminder: The amount of the burden will vary depending on the company's contribution situation and the worker's own choice. Some employees will voluntarily raise a proportion of their own retirement funds to enhance future security, but this will also eat into their current income.

2. Inflation and rising prices, wages cannot keep up with consumption growth

When the "Minimum Wage 2024" is raised, the cost of living will also increase simultaneously.For example, in recent years, basic necessities, rent, utilities, etc. have all shown an upward trend, offsetting the actual effect of wage growth.

Table: Price increase of major consumer goods in 2023-2024

Even if your monthly salary increases by 1,000 yuan, these hidden expenses may quickly reduce your "salary increase bonus" to zero!

3. Part-time workers and full-time employees: hidden differences in working hours, security, and holiday pay

The monthly salary, hourly wage and working hours design of the 2024 minimum wage make it seem that many workers earn more than their full-time jobs.

In fact, the working hours are different and the benefits are also very different:

Additional explanation: The minimum wage in 2024 is calculated at 183 yuan per hour. If you work 19 days * 8 hours a month, your income can exceed the monthly salary of a full-time job. However, during the off-season, temporary leave, and when there is no working hour guarantee, the income risk is also higher.

4. Housing and transportation expenses: Work location choice and commuting stress

As the minimum wage increases, rental costs in several major metropolitan areas in Taiwan have also risen, which has put tremendous pressure on young people and migrant workers.

2024 Metropolitan Area Rent Reference Table

Taking New Taipei City as an example, the minimum wage in 2024 will be about NT$25,000, and the rent will eat up NT$35%~NT$45% of the salary, not including water, electricity, and daily transportation! Add to that vehicle maintenance, annual transportation ticket fees, accident risks, etc., all of which greatly compress living space.

5. Invisible time and health costs

Minimum wage workers often need to work part-time and overtime to make up for budget gaps. This means longer working hours and less rest, which may result in worsening health and a lower quality of life over time.

Common health expenditure and time loss indicators

It can solve the problem of food and clothing in the short term, but the long-term cumulative result is a decline in health and life satisfaction! Such hidden costs often only emerge when one's life stages change.

What does the 2024 minimum wage mean for young people and grassroots workers?

In the context of global inflation, a tightening rental market, and increasing medical pressure, the minimum wage in 2024 may have positive symbolic significance, but it is by no means a guarantee of happiness.Governments, businesses, and even individual workers need to face reality and actively explore higher-paying or diversified sources of income.

Exploring new ways to increase income: the rise of multi-slash and affiliate marketing platforms

Faced with unavoidable hidden costs, the annual increase in the minimum wage alone has long been unable to withstand the pressure of life.Nowadays, many office workers and students are beginning to try new types of work such as "side jobs" and "affiliate marketing", hoping to earn extra income from the Internet or digital industries.

Among them, "AffiMarket Easy Alliance" is a widely acclaimed affiliate marketing platform. The platform is committed to connecting promoters in Taiwan and the Chinese and English circles, connecting various popular businesses such as tourist homestays, online shopping, AI tools, etc., and adopting a profit-sharing cooperation model, allowing bloggers, community operators, YTers, Internet celebrities or even ordinary people to use Internet traffic and personal influence to earn a stable income.

As long as you have the ability to create content and are willing to learn new knowledge, even if your main job income is the minimum wage, you may be able to earn a second or even third income through a side job or affiliate marketing to alleviate the pressure of an unstable life.

Conclusion

Although the minimum wage will be raised in 2024, there are many unavoidable hidden costs in social reality. If you only look at the paper figures of wage increases, but ignore factors such as living expenses, insurance deductions, and health pressures, it is easy to fall into a vicious cycle of "no money in your pocket." Know how to plan expenditures and actively create multiple income channels, such as Affiliate Marketing Platform , and freely take on cases, can truly move from the "subsistence line" to a more affluent life. The future path to minimum wage is still full of challenges. Only by increasing one's own competitiveness and flexibly utilizing multiple channels can one remain invincible in this changing era.