Over the same period, the underemployment rate remained unchanged at 1 per cent. The latest labour force statistics released on Thursday showed that from February to April the seasonally adjusted unemployment rate was 2. The Government can no longer play the role of a bystander.
If the minimum wage Unemployment in hong kong essay set below the market rate, employers will have an easy time paying their workers.
Retailing sector Before, local retailing industry prosper from s due to economic growth and full confidence of investors to make investment in HK or in China.
Change in the total labour supply is determined by the population growth, total employment and the emigration condition. Also, the government, for a long time, ignores the research and development of the high technology application. In the 2nd quarter ofthe underemployment rate reached 2.
Introduction of a standard minimum wage in all the sectors of the economy is meaningless and is not practical in Hong Kong. But now, they have to face a permanent problem of losing job.
The market has been the driving force of the Hong Kong economy since the days of Sir Phillip Haddon Cave and should continue as such. The economist expected more women and elderly people — those aged over 65 — would continue to rejoin the workforce amid the high demand for labour.
The unemployment problem in hong kong Introduction The unemployment rate became a hot topic in the past few months when it rose to 3. Before, problem of higher unemployment rate only extended from 2 to 3 years. But in recent months a large number of employees have been laid off in the retail and restaurant businesses.
Therefore, people suffered from a reduction of purchasing power and negative wealth effect. It is higher then the total unemployment Unemployment in hong kong essay in the manufacturing industry. In such a scenario, the implementation of statutory minimum wage will beat its purpose as only a small number of the workforce will benefit.
Sincethe persisted high inflation rate had pushed the costs of production and operation up to a very high level. Therefore it cannot be determined whether the overall income distribution will improve or not with the introduction of minimum wage.
It has further been argued that labor like any other cost of production should be determined by the forces of demand and supply. Service industry continuously grow in the s and early s. From thiswe can see that the competitive power of the Hong Kong industries is weakening and high unemployment rate is inevitable.
Before, they are temporarily unemployed, but they can soon find a new job within a short period. Thus, the supply of labour is greater than the demand and gives pressure on employment.
Hong Kong is facing a prolonged economic downturn. The number of persons unemployed for more than 6 months in 5 recent quarter are presented in a table. Also, the influx of illegal immigrants from China, the return of overseas Chinese and the hiring of expatriates also aggravated the job shortage.
Therefore, the manufacturing factories move to China for cheap labour. The Administration has held its position that the current market driven cost of labor is important for Hong Kong as a free market and free enterprise system.
Of the total employment of different sectors, the portion of the manufacturing industries drops from The study indicates that minimum wages can help reduce poverty only if the low-wage workers are at the same time members of poor households. The impact of minimum wage on employment, poverty and income distribution It is also useful to examine the impact of statutory minimum wage on poverty, unemployment rates and income distribution according to the findings of a study conducted by the Organization for Economic Cooperation and Development OECD.
They do not have the skills demanded in the job market, so there are both a lot of vacancies of jobs and a lot of unemployed labour. A set of data further illustrates the worse situation.Master thesis writer youth unemployment: Hong kong university mfa creative writing; POSITIVE IMPACTS OF GST November 17, 0.
on writing the college application essay summary of the declaration. college admissions personal essay. does a synthesis essay have a conclusion. The unemployment problem in Hong Kong Introduction The unemployment rate became a hot topic in the past few months when it rose to per cent, a recent high for almost 10 years.
Hong Kong's unemployment level will be at a rather stable rate of % these few years. So, by maintaining the unemployment rate at % can help to control the increase in labor cost as well as the stability of the Hong Kong economy. Hong Kong’s unemployment rate for the past three months reached a year record low of per cent, indicating a strong economic climate that is expected to last for the rest of the year.
The seasonally adjusted unemployment rate in Hong Kong was unchanged at a year low of percent in the three months to July The underemployment rate, however, edged up to percent from 1 percent in the April-June period.
Unemployment Rate in Hong Kong averaged percent from untilreaching an all time high of percent in June of and a record low of 1. Unemployment for Hong Kong from Census and Statistics Department Hong Kong Special Administrative Region (HKSARG) for the Employment Situation - Monthly release.
This page provides forecast and historical data, charts, statistics, news and updates for Hong Kong Unemployment.Download