Minimum Wage Law in Hon Kong – A Sigh of Relief
19 Jul 2010 Leave a Comment
in Personal
In its first ever attempt to resolve a decade old confrontation; Hong Kong passed its first minimum wage law.
It took 40 odd hours, which involved heated debate between the city’s business sector and labour groups, to resolve the issue in the favour of labour. Indeed, it’s a historic moment for Hong Kong.
So, just in a few months time, the government-appointed task group is set to propose a minimum wage level.
However, the tenets of implementing the law are a matter of debate.
Significance of this Decision in a Capitalist Economy
Well, the decision to go for the law was taken since it was felt that there are some practices, which are bearing negative results especially for the labour class. The whole point is that the workers must be secured to a certain level.
It is great to note that the government is set to control the legal framework for setting the minimum wage.
The Unions Demand
Unions have pushed for the demand to get 4.2 US dollars an hour against 2-3 dollars, the current wage in nearly most of the private firms.
Even in major countries such as London and New York, the rates are set between 7.25 and 8.80 US dollars.
Regulatory measures amidst the free economy conundrum are direly needed in my opinion. I heartily support this decision.
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