113 Years of Hourly Wages | 5 Key Strategies to Increase Your Income

Entering the second half of 2024, affected by multiple factors such as inflation, changes in the digital economy and industrial structure transformation, the 113-year hourly wage and overall salary structure have once again become a hot topic of discussion. The Ministry of Labor announced that the basic hourly wage in 2014 was 183 yuan, indicating that the policy of maintaining basic living security has continued. However, in an era where the proportion of part-time and hourly work is increasing and the digital economy is emerging, it is difficult to achieve financial independence and improve quality of life relying solely on a basic salary. This report lists five key strategies to increase your income under the 113-year hourly wage, helping readers break through the salary ceiling and embrace a more affluent new life.

Hourly wages in 2013 and the current labor market situation

List of hourly wage standards in 2013

The "Basic Wage Adjustment Plan" approved by the Ministry of Labor in September 2024 will officially take effect on January 1, 2025: those paid by the hour will be increased to 190 yuan, and those paid monthly will be increased to 28,590 yuan. The current basic hourly wage in 2024 is 183 yuan, which is still the main salary basis for most grassroots workers, migrant workers, and part-time workers.

Source: Ministry of Labor

Current status of labor income

According to statistics from the Ministry of the Interior and the Directorate-General of Budget, Accounting and Statistics, as of Q2 2024, hourly workers and part-time employees accounted for nearly 21% of the labor force. However, common difficulties faced by hourly wage earners include insufficient working hours, unstable income, and lack of benefits, which seriously affect their living standards and work enthusiasm.

5 Key Strategies to Boost Your Revenue

1. Accurately improve professional skills to make value go beyond hourly wages

The core of hourly wage increase lies in irreplaceability. According to a survey by 1111 Job Bank, the hourly wages for high-demand jobs can be 25~80% higher than the base salary. It is recommended that individuals conduct a functional inventory in conjunction with the trend report and strengthen their studies in the following high-paying hourly wage areas:

Continuing education, changing jobs or taking a slash job is the first step to breaking through the 113-year hourly wage ceiling.

2. Increase passive income through multiple channels

Active income is limited by working hours, while passive income can effectively increase total income. The rise of the digital economy has enabled more hourly wage earners to build passive cash flow through the following methods:

(1) Develop passive income through affiliate marketing platform
Taiwan’s recent rise 「AffiMarket Easy Alliance」For example, its affiliate marketing platform brings together a variety of cooperative businesses such as travel, shopping, and AI tools. As long as bloggers, YouTubers, or community operators can continue to promote, they can get profits based on the results. AffiMarket provides free resources and professional guidance. Everyone from novices to internet celebrities can participate. It has a low threshold and great flexibility. It is one of the important choices for increasing income other than hourly wages.

(2) Other passive income channels

• Rental assets (such as photographic equipment, motorcycles, etc.)
• Publishing e-books (knowledge monetization)
• Micro-investment (high-interest deposits, ETFs)

3. Flexible working hours and diverse career paths

A single hourly wage job is subject to working hour restrictions, while multiple identities and flexible working hours can increase overall benefits. Many companies and platforms provide new work models such as freelance casework, flexible scheduling, and remote collaboration, which allow employees to work in multiple roles or develop a second expertise, and maintain multiple hourly wages or project remuneration at the same time. Common slash patterns include:

• Morning/evening shift combination (such as convenience store + food delivery)
• Holiday photographer, wedding accessories maker, etc.
• Online teaching, digital assistant and other job openings

The ability to manage time flexibly is a key skill for diversified income.

4. Effectively negotiate and fight for salary and benefits

Taking the initiative to seek salary increases, adjust hourly wages and benefits, is the most direct way to increase income. According to the 104 Job Bank survey,Employees who dare to negotiate salary, the average annual salary increase is 12% higher. After the hourly wage increase in 2014, the following should be done:

• Take the initiative to understand the market value of the position and make reasonable demands for salary increases
• Provide quantifiable work results (performance, effectiveness) as the basis for negotiation
• Pay attention to the minimum wage policy of the Labor Standards Act to ensure that your rights and interests are not ignored

Appendix: Common points for salary negotiation

5. Active financial planning and financial education

Although income is the key to improving financial foundation, how to effectively manage and use funds is the key. Calculated based on the hourly wage in 2014, the full-time working hours in a month are about 174 hours, and the basic salary is only enough to cover the basic living expenses. Financial education ensures maximum income through:

• Accurate accounting and budget allocation to avoid overspending
• Learn about investment and financial management tools: fixed deposits, fund ETFs, insurance planning
• Build emergency reserves and long-term investment plans
• Actively learn financial knowledge and use free and online resources

Appendix: Estimated annual income required for an ideal life based on 113 hourly wages

Tips for maximizing profits under the new lifestyle

While hourly wages have become the focus of most grassroots workers, students, and the middle class in 2014, it is difficult to accumulate assets and achieve financial goals relying solely on working hours and income from a full-time job. Only by persisting in learning new technologies, developing passive income through multiple platforms, making flexibly use of time to enhance slash value, actively striving for labor rights and salary increases, and accumulating financial management concepts in line with the times, can we break through the trend in the new economic era.

The reporter called on everyone, regardless of whether you are a part-time worker, a full-time employee, or a freelancer, to continue to grasp teaching materials, government resources, and high-quality platforms (such as AffiMarket Yilianmeng) to create your own diversified income ecosystem. Although the 113-year hourly wage is a standard, it is also a starting point. As long as key strategies are implemented, everyone can turn around their income and realize their dream new life ahead of time.