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The business community slams the minimum wage and depresses the economy Zhang Yuren denounces politicians for voting

2022-07-07T10:24:18.702Z

The Legislative Council debated today (August 7) ​​a motion proposed by the trade union member Kwok Wai-keung to improve the statutory minimum wage system. However, many businessmen at the meeting



The Legislative Council debated today (August 7) ​​a motion proposed by the trade union member Kwok Wai-keung to improve the statutory minimum wage system.


However, a number of business councillors spoke at the "wheel war", criticizing the minimum wage system for interfering with the market operation. The Liberal Party leader Zhang Yuren even questioned that some politicians had "ulterior motives" and supported the minimum wage for the sake of votes, and had no understanding of the economy at all; Lu Chung-hsiung, on the other hand, "came ahead" for his party members. He pointed out that some businessmen have committed the fallacy of the "street light effect". When some economic problems occurred, they "laid the blame" on the most vulnerable workers.


Business circles besiege minimum wage, aggravate inflation and damage Hong Kong's competitiveness

The Secretary for Labour and Welfare, Sun Yuhan, pointed out in his opening speech that the situation of grassroots employees has been improved after several adjustments to the minimum wage level.

He pointed out that according to the current legislation, the Minimum Wage Commission, at the request of the Chief Executive, must make a recommendation report to the Chief Executive in Council on the statutory minimum wage level at least once every two years. The Minimum Wage Commission is reviewing a new round of minimum wage levels. A report will be submitted to the government before, and it is hoped that the committee will reach a consensus by then.

Guo Weiqiang pointed out that there is no formula for determining the current minimum wage. Every time the government provides business environment and economic data, the labor representatives in the council can only "sing a one-man show".

He also reminded that the protection of labor rights is also one of the elements of "removing the solidified barriers of interests" as stated by President Xi Jinping, and that citizens should firmly believe that hard work can improve the lives of their families.

Zhang Yuren criticized some members of economic ignorance: ulterior motives

Several businessmen expressed their opposition to the motion. Liberal Party Lee Chun-keung criticized that the establishment of the minimum wage would exacerbate local inflation and cause a "ripple effect".

Zhang Yuren is even more skeptical. Some lawmakers have proposed the minimum wage in order to vote "openly", and the level will continue to rise. In fact, it is just a propaganda trick of some "politicians with ulterior motives", which is "sugar-coated poison", criticizing these people for "completely understanding the economy" , that the best way to determine the wage level is to let it be determined by market supply and demand.

Chan Cho-hang, a new member of the Pakatan Harapan Council of Textiles and Clothing, is concerned about the impact of the minimum wage on the cost of doing business.

Tian Beichen said that the minimum wage was adjusted for the first time in 2013, and the rate of each adjustment was 7.1%, 8.3, 6.15 and 8.7% respectively, but the inflation rate during the same period was 8.5%, 7.4%, 3.9% and 5.3%. The increase is roughly higher than inflation, and the "two-year review" ensures that the committee has sufficient time to consider various factors.

Lu Songxiong sternly refuted the statement of the businessmen.

(File photo/Photo by Lu Yiming)

Lu Songxiong: I can't bear this crime as a migrant worker

During his speech, Lu Songxiong first named and criticized Li Zhenqiang's claim that the minimum wage exacerbates inflation, thinking that this is a typical "street light effect" fallacy, that is, after discovering a certain phenomenon, he only knows to focus on a possible cause, but in fact A social phenomenon is formed by the superposition of many factors.

He pointed out that after the establishment of the minimum wage in 2010, the level of inflation was actually moderate. The biggest cause of global inflation during this period, "every financial common sense knows, is the quantitative easing in the United States after the financial tsunami in 2009, and it is a piece of silver paper", Global Low interest rates, currency devaluation, and sighed, "I thought it was because of the increase in labor that caused inflation, but in fact it was not." I hope the business community, especially those who know the economy, can understand the main cause of the problem. It falls on the most vulnerable wage earners who have the least bargaining power."

"When will Hong Kong cheap enough to fight for labor leveling?"

Lu Songxiong also refuted the statement that "the minimum wage affects Hong Kong's competitiveness", and asked Hong Kong's competitiveness "when will it be cheap to fight for labor leveling?" But wages shouldn't be blamed. "It's a crime that a wage earner really can't bear."

He reminded workers that wages must be reasonably guaranteed so that citizens have money to spend and truly promote the economic cycle.

During the voting period, the final motion was supported by only 8 votes among the 24 members present in the Election Committee; among the 36 members present in the functional constituencies and geographical constituencies, it was supported by only 7 votes. Half in favor, rejected.

Minimum Wage Review|Li Jiachao: A report will be received in October, which should help workers do high value-added work. The Federation of Trade Unions commented on the Lam Cheng Yuet-ngor government’s labor policy. Salary family: those who are poor are more likely to carry CSSA

Source: hk1

All news articles on 2022-07-07

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