SHANGHAI - Shanghai will increase its statutory minimum wage by 5 percent to 2,420 yuan ($382) per month from April 1, making it the highest in the country, local authorities announced Wednesday.

The hourly minimum wage increased from 20 yuan to 21 yuan, according to the municipal human resources and social security department.

The increase rate is less than Shanghai's 2017 GDP growth of 6.9 percent.

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

Many other regions in China, including Jiangxi, Liaoning, Guangxi and Tibet, have all raised minimum wages this year.