For Immediate Release
The Hong Kong General Chamber of Commerce (HKGCC) appreciates the Government’s efforts to stimulate the economy, improve people’s livelihoods and boost Hong Kong’s competitiveness. Part of these measures also include the decision to review the Statutory Minimum Wage (SMW) annually.
The review period of the SMW mechanism has been shortened from two years to one, and adjusting the minimum wage will be based on indicators such as the Consumer Price Index (CPI). Including such objective data in determining the wage level will help to prevent disputes.
While frequent changes to policy can affect stability, which is key to the smooth operation of local businesses, conducting a yearly review based on objective data may help to determine in a timely manner if any adjustment is required in these uncertain times. To that end, both employers and employees must come together to drive growth while sharing the fruits of their labour.
As the existing mechanism has served Hong Kong well over the years, the Chamber will closely monitor the effectiveness of the new SMW mechanism in view of the challenges facing Hong Kong. Going forward, we hope that all stakeholders can engage in continuous dialogue to address any issues or concerns.
Media inquiries: Please contact Jonathan Man at 2823 1229 / [email protected]