Implications of the Minimum Wage Formula in Hong Kong: Praise and Warnings

Monday, 29 April 2024, 15:00

The recently introduced minimum wage formula in Hong Kong has garnered positive reactions from the business sector and lawmakers for its objectivity in setting wage levels. However, an economist has expressed concerns about the potential risks of a wage-price spiral that could negatively impact the city’s economy.
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Implications of the Minimum Wage Formula in Hong Kong: Praise and Warnings

Implications of the Minimum Wage Formula in Hong Kong

The recently introduced minimum wage formula in Hong Kong has received mixed reactions, with proponents applauding its objectivity in determining wage levels, while others warn of potential risks.

Positive Responses from Business and Lawmakers

  • Objective Data: The formula is praised for providing objective data for setting minimum wages.

Economist's Warning

  • Risk of Spiral: One economist highlights a possible wage-price spiral that could have detrimental effects on the city's economy.

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


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