News APP

NewsApp (Free)

Read news as it happens
Download NewsApp

Available on  gplay

This article was first published 17 years ago
Rediff.com  » Business » China to raise minimum wages as prices soar

China to raise minimum wages as prices soar

Source: PTI
June 29, 2007 10:26 IST
Get Rediff News in your Inbox:

Chinese local governments have been told to raise minimum wages in a phased manner to prop up living standards in view of soaring food prices.

Local governments must do so before the end of the year in regions where minimum wages rise slowly or are markedly lower than average wages, according to a circular issued by the Ministry of Labour and Social Security on Wednesday.

The ministry required labour departments across the country to put forward timely schemes for adjusting monthly and hourly minimum wage standards, according to local economic conditions, average wages, consumer prices and employment rate.

Food prices have been on the rise in China this year, pushing the country's inflation rate to 3.4 per cent in May compared with a year earlier, higher than the government's warning level of three per cent.

Grain prices rose 5.9 per cent, meat and poultry 26.5 per cent, and eggs 37.1 per cent in May, which would have a great impact on low-income families, the ministry said.

In China, minimum wage standards vary from region to region. By the end of last year, south China's Shenzhen City topped the list with a monthly rate of 105 US dollars, while eastern Jiangxi Province was bottom with 35 US dollars per month.

Get Rediff News in your Inbox:
Source: PTI© Copyright 2024 PTI. All rights reserved. Republication or redistribution of PTI content, including by framing or similar means, is expressly prohibited without the prior written consent.
 

Moneywiz Live!