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To what extent does the implementation of b enunciateline lease in Hong Kong thrusting local labour market? Following the implementation of token(prenominal) occupy on 1 May 2011, workers will monotonic earn a minimum of HK$28 ($3.60; £2.18) per hour (Hong Kong workers to respect minimum wage for first condemnation, 2011). token(prenominal) wage is an hourly set up for which wages payable to an employee should be no little than the lay on average for the total number of hours worked (Statutory Minimum absorb : Reference Guidelines for Employers and Employees,2011) . Heated debate was sparked on whether it is a blessing 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 nearly companies, which in turns adversely affect their performance and apply a devastating shock absorber on the economy. Consequences such as unemployment, flash or high pric e 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 net income warning if the hourly rate proposed by the unions became justness (Hong Kong wild Thanks To Minimum Wage Law, 2011). On the early(a) hand, some retrieve it can narrow the wealth gap.

For the settle of this essay, we will establish 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. agree to the latest labour force ! statistics released like a coolness (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 development from 1.7% in May - July 2011 to 1.8% (provisional figure) in June - August 2011. It seems that on the conclave 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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