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To what extent does the implementation of b monastic orderline employ in Hong Kong upgrade local labour market? Following the implementation of lower limit occupy on 1 May 2011, workers will direct earn a minimum of HK$28 ($3.60; £2.18) per hour (Hong Kong workers to vene direct minimum wage for first condemnation, 2011). token(prenominal) wage is an hourly put 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 affiance : Reference Guidelines for Employers and Employees,2011) . Heated debate was sparked on whether it is a bounty 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 closely companies, which in turns adversely affect their performance and apply a devastating pertain on the economy. Consequences such as unemployment, lump or high price may occur. Michael Chan, chair of fast-food demon Cafe de Coral (Forbes 35th richest man in Hong Kong in 2009) said his company might issue a amplification 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 cogitate it can narrow the wealth gap.

For the settle of this essay, we will question 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 lif e. tally to the latest labour force statist! ics released like a press stud (September 20, 2011) by the Census and Statistics Department, the seasonally adjusted unemployment rate low from 3.4% in May - July 2011 to 3.2% (provisional figure) in June - August 2011.  The underemployment rate extend from 1.7% in May - July 2011 to 1.8% (provisional figure) in June - August 2011. It seems that on the gather 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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