As the minimum monthly wage is set to rise on January 1, health insurance premiums will also follow suit for at least 3 million residents, though 120,000 people could also see cuts, reports said Wednesday.

The committee in charge earlier this year decided to raise the minimum wage from NT$22,000 to NT$23,100 (US$748) per month, with the change to take effect on the first day of the new year.

The Ministry of Health and Welfare estimated that 120,000 people would pay NT$13 less per month, while 3.17 million would have to shoulder a rise in health insurance premiums of between NT$4 and NT$57, the Central News Agency reported.

Overall, the changes would bring in NT$2.6 billion (US$84.19 million) extra for the social security system, according to officials.