Wednesday, February 8, 2012
Fire up the Printing Press We are Losing the Battle!
Well that was according to the Reuters headlines. My research has identified the Chinese intentions of having AN ANNUAL RISE IN MINIMUM WAGE OF 13%.
Raising pay is key to the jobs blueprint, part of Beijing's 12th five-year economic plan, which aims to boost employment in the world's No.2 economy.
Minimum wages in China range from 1,500 yuan ($240) per month in Shenzhen to 870 yuan in Chongqing. The government wants minimum wages to be 40 percent of average local salaries by 2015, according to the plan posted on its website (www.gov.cn).
I went to the Chinese governments website myself and found the article. Interestingly, I do not know if this is a google translation issue or if Reuters just missed some key words, but the translation I am getting back says the Chinese would like an ANNUAL 13 PERCENT RISE in minimum wage. See below from link.
4) the quality of employment has been further enhanced. Enterprise labor contract rate of 90% of enterprise collective contract rate of 80%. The formation of a normal wage increase mechanism, reasonable and rapid growth of the income level of the wages of workers, minimum wage is an average annual increase of more than 13%, the vast majority of minimum wage for more than 40 percent of the local average wage of town employees. The working conditions have been greatly improved. The social security system covering all workers, employment stability is significantly improved.
Posted by BullRun at 2:12 PM