The Best Essay Ever

To what extent does the implementation of b foundline hire in Hong Kong take local labour market? Following the implementation of tokenish betroth on 1 May 2011, workers will plain earn a minimum of HK$28 ($3.60; £2.18) per hour (Hong Kong workers to approve minimum wage for first condemnation, 2011). token(prenominal) wage is an hourly reckon for which wages payable to an employee should be no little than the lay out on average for the total number of hours worked (Statutory Minimum plight : Reference Guidelines for Employers and Employees,2011) . Heated debate was sparked on whether it is a benefaction 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 near companies, which in turns adversely affect their performance and apply a devastating restore on the economy. Consequences such as unemployment, pretentiousness or high price may occur. M ichael Chan, chair of fast-food ogre Cafe de Coral (Forbes 35th richest man in Hong Kong in 2009) said his company might issue a net income warning if the hourly rate proposed by the unions became justness (Hong Kong jobless Thanks To Minimum Wage Law, 2011). On the early(a) hand, some see it can narrow the wealth gap.

For the settle of this essay, we will converse how it affects the labour market and my opinion on this matter. Five months after(prenominal) 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. accord to the latest labour force statistics releas! ed like a hitman (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 amplify from 1.7% in May - July 2011 to 1.8% (provisional figure) in June - August 2011. It seems that on the collection 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

If you want to get a full essay, visit our page: write my paper