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Minimum Wage In Hong Kong Essay

611 words - 2 pages

Good afternoon every one, the business area of our project is minimum wages, the specific project topic is The Positive Aspects of Minimum Wage Law.Nowadays, rent, transport fees and electricity bills are all on the rise and grassroots are difficult to maintain a decent living and have heavy financial burden on family.Also, many people criticize that some employers had more tricks to exploit workers, which drives the salaries of low-skill workers are below $20 per hour. This is an unfair remuneration and welfare of employees.In light of these, Hong Kong government enforced a law legislation to protect their income and welfare, which is minimum wage law.The Statutory Minimum Wage comes into force on 1 May 2011 and the initial Statutory Minimum Wage rate is $28 per hour.Although there is a general perception that the establishment of a minimum wages can only do harm to society, it can be a great benefit to society, employees and employers.The implementation of minimum wage law can bring many positive aspects to Society, employees and businessmen.SocietyReduce number of citizens who are living under poverty lineNarrow Hong Kong's wealth gapEnhance social stabilityEmployeesEnforcement of the law is an effective way to protect their incomeProvide steady income for employees,Improve living quality,Eliminate labor exploitationBusinessmenEmployees establish a strong sense of belonging to their companiesFor long term benefit, their Working efficiency can be Enhanced and productivity can be Increased.Many citizens want to raise the initial statutory minimum wage rate from $28 to $33.$28 is a moderate minimum wage rateIf the initial statutory minimum wage increased to a higher level, which may bring some negative impactsThe increase in labour costs will ultimately be passed on to consumers resulting in unnecessary inflation.Increase unemployment rate of low-skill workersUndermine the competitiveness of companies operating in Honk...

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