Minimum Wage Commission delighted by acceptance of recommended new Statutory Minimum Wage rate
******************************************************************************************
After detailed analyses, in-depth assessment and thorough consideration, the Minimum Wage Commission (MWC) has unanimously recommended raising the Statutory Minimum Wage (SMW) rate from the current $37.5 per hour to $40.
The Chairperson of the MWC, Ms Priscilla Wong, said today (January 10), "We are delighted to learn that the Chief Executive in Council has accepted our recommendation about the new SMW rate after considering the report of the MWC."
Ms Wong added, "The recommended SMW rate is the consensus of the MWC. The MWC believes that the new SMW rate could strike an appropriate balance between the objectives of forestalling excessively low wages and minimising the loss of low-paid jobs, while giving due regard to sustaining Hong Kong's economic growth and competitiveness. We earnestly hope that the new SMW rate could be accepted by the Legislative Council."
The MWC adopted an evidence-based approach to review the SMW rate in a comprehensive, objective and balanced manner. Apart from monitoring regularly an Array of Indicators on general economic conditions, labour market conditions, competitiveness and social inclusion, the MWC also fully considered the views of the community on the review of the SMW rate. In addition, the MWC considered the impact assessment results of various SMW test levels under different economic scenario assumptions. The MWC believes that the recommended rate would be conducive to the overall interest and development of Hong Kong.
The "2022 Report of the Minimum Wage Commission" has been uploaded to the MWC's website (www.mwc.org.hk).
Ends/Tuesday, January 10, 2023
Issued at HKT 16:30
Issued at HKT 16:30
NNNN