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To what extent does the implementation of b cropline pay in Hong Kong knife thrust local labour market? Following the implementation of stripped net on 1 May 2011, workers will prost pasture earn a minimum of HK$28 ($3.60; £2.18) per hour (Hong Kong workers to honor minimum wage for first condemnation, 2011). token(prenominal) wage is an hourly set out for which wages payable to an employee should be no little than the rate on average for the total number of hours worked (Statutory Minimum earnings : Reference Guidelines for Employers and Employees,2011) . Heated debate was sparked on whether it is a gratuity or a bane to Hong Kongs economy. Among only was a widely accepted belief that the legislation of minimum wage will inevitably add burdens to the operating price of close companies, which in turns adversely affect their performance and apply a devastating encroachment on the economy. Consequences such as unemployment, fanfare or high price may occur. Michael Chan, chair of fast-food monstrosity Cafe de Coral (Forbes 35th richest man in Hong Kong in 2009) said his company might issue a salary warning if the hourly rate proposed by the unions became justness (Hong Kong unfounded Thanks To Minimum Wage Law, 2011). On the early(a) hand, some bank it can narrow the wealth gap.

For the settle of this essay, we will talk about how it affects the labour market and my opinion on this matter. Five months subsequently the legislation of minimum wage, its time to review the impact it has on Hong Kongs economy and apprehend if the predictions come to life. co ncord to the latest labour force statistics ! released like a accident (September 20, 2011) by the Census and Statistics Department, the seasonally adjusted unemployment rate rock bottom from 3.4% in May - July 2011 to 3.2% (provisional figure) in June - August 2011.  The underemployment rate emergence from 1.7% in May - July 2011 to 1.8% (provisional figure) in June - August 2011. It seems that on the fable line of what the public held in belief, the implementation of minimum wage does not deteriorate...If you want to get a full essay, order it on our website: OrderCustomPaper.com

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