SHANGHAI - Shanghai will increase its statutory minimum wage from 2,480 yuan ($383) to 2,590 yuan per month from July 1, bringing it to one of the highest levels in the country, local authorities announced on Wednesday.

The hourly minimum wage will increase from 22 yuan to 23 yuan, according to the municipal human resources and social security department.

The minimum wage excludes social security costs, housing allowances and overtime pay.

It is the first time the city has raised its statutory minimum wage since the outbreak of COVID-19.