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Chris Sun: Min. Wage Hike of 2.38% Outpaces Inflation
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The Hong Kong government planned to raise the minimum wage from $42.1 to $43.1 per hour, an increase of $1 or 2.38%. It is expected to be implemented from 1 May after approval by the Legislative Council. The minimum wage hike outpaced inflation, Secretary for Labour and Welfare, Chris Sun, said. If deflation or economic downturns occur in the future, the amount will be maintained and not reduced, thus protecting workers against inflation. 2026 is significant as the 'annual review' of the minimum wage will be implemented, with adjustments made each year based on a formula, Sun added. AASTOCKS Financial News Website: www.aastocks.com |
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