Reported about 1 year ago
The Minimum Wage Review Committee is set to be held in the third quarter, with speculations of a 4% increase next year despite economic challenges last year. Industry experts are concerned about the consecutive 8-year increase in minimum wage, citing increased labor and insurance costs that may heavily impact micro and small businesses, possibly leading to a surge in unemployment. The Ministry of Labor has established a research group to evaluate the impact of wage adjustments and provide recommendations for the Minimum Wage Review Committee to consider. Different sectors are expressing worries about the potential effects of further wage hikes on operational costs and employment stability.
Source: YAHOO