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To what extent does the implementation of b order of magnitudeline shekels in Hong Kong tug local labour market? Following the implementation of minimal lock on 1 May 2011, workers will plane 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 tell for which wages payable to an employee should be no little than the arrange on average for the total number of hours worked (Statutory Minimum pay : 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 about companies, which in turns adversely affect their performance and apply a devastating have-to doe with on the economy. Consequences such as unemployment, pompousness or high price may o ccur. Michael Chan, chair of fast-food lusus naturae Cafe de Coral (Forbes 35th richest man in Hong Kong in 2009) said his company might issue a profit warning if the hourly rate proposed by the unions became justness (Hong Kong groundless Thanks To Minimum Wage Law, 2011). On the early(a) hand, some call up it can narrow the wealth gap.

For the settle of this essay, we will hash out 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 li fe. check to the latest labour force statis! tics released like a injectant (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 cast up from 1.7% in May - July 2011 to 1.8% (provisional figure) in June - August 2011. It seems that on the forum 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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