Reported 9 months ago
On June 26, 2024, the Ministry of Labor convened a joint meeting of the Minimum Wage Review Council and Consultation Meeting. According to the research group report, adjusting the basic wage is helpful in increasing average wages but has no significant impact on unemployment rates or inflation. To provide more up-to-date insights, before the Minimum Wage Review Committee meets in the third quarter, a new research report will be prepared on the sector-specific impacts of adjustments, allowing committee members to discuss the latest data and more detailed effects. The report concludes that recent increases in the basic wage can raise average wages, with no significant effect on unemployment rates or direct correlation with inflation. Despite discussions on the Consumer Price Index (CPI), no consensus was reached on how to incorporate it into the decision-making process. The research group found that while prices have increased, they are not significantly influenced by adjustments in the basic wage.
Source: YAHOO