First Freeze In Minimum Wage On The Cards

"); jQuery("#212 h3").html("

"); });
2020-09-24 HKT 17:12
Low-income workers have voiced fears that the city's minimum wage would be frozen for the first time since it was implemented nearly a decade ago.
A decision on an adjustment is due at the end of a biennial review, and reports said labour and management representatives on the Minimum Wage Commission have failed to reach a consensus.
There would be the first time since the minimum wage took effect in 2011 that the two sides have failed to reach agreement.
Currently, the minimum wage is HK$37.5 an hour. The employee side has called for an increase to at least HK$40 in line with inflation. Employers, however, said they cannot afford the hike because of the weak economy and an uncertain outlook. Some of them proposed a modest increase to HK$38, or even a freeze.
The commission will submit its report to the government next month. Should the majority view on the commission favour a freeze, it's likely the administration will adopt that position.
That would be the first time the minimum wage has failed to go up. It had risen following each biennial review thus far, with the latest raise from HK$34.5 to HK$37.5 in May last year.
The next pay adjustment will be in force in May next year.
The head of the Minimum Wage Commission, Priscilla Wong, has earlier refused to rule out the possibility of a freeze, citing the negative impact of the social unrest and the China-US trade dispute on the local economy.
Future Fintechs Hong Kong Subsidiary Seeks VASP And Asset Management Licenses
Future Fintech, a financial and digital technology services provider, announced that its wholly owned Hong Kong subsidi... Read more
Can Regulation Scale With Innovation? Inside The Stablecoin Plans Of HK And The U.S.
Back in 2022, stablecoins were still an emerging topic. Yet, they stirred enough flurry for the Hong Kong Monetary Auth... Read more
Cyberport Start-ups Forge Regional Fintech Ties At MyFintech Week 2025 In Malaysia
Cyberport led a delegation of its fintech start-ups to MyFintech Week 2025 (MyFW 2025), held in Kuala Lumpur from 4 to ... Read more
Hong Kongs Stablecoin Law Triggers Industry Concerns Over KYC Rules
Hong Kong’s newly implemented stablecoin law, in effect since 1 August, has sparked concern among some in the industr... Read more
Stopping Fraud At The Gate: The New Imperative For Registration & Transaction Monitoring
The Asia-Pacific fintech landscape is thriving, fueled by the rapid adoption of digital payments, online banking and al... Read more
Hong Kong Private Banks See 14% Growth, Hire 400 More Wealth Managers
Hong Kong’s private banking and wealth management sectors are poised for further growth in hiring and office expansio... Read more