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February 08, 2012 at 08:45 AM
In a job market plan published Wednesday, the Chinese government said that its minimum wage should increase 13% in the five years to 2015. The country’s 12th five-year plan calls for wages to grow and for employment to rise.
According to Reuters, the plan posted on the country’s website calls for minimum wages to be 40% of average local salaries by 2015. Manufacturing bases for export goods have been plagued with labor shortages and rely on migrant laborers in the millions to supply the shortages. The government, however, said that it expects pressure from an oversupply of labor overall to rise as years pass.
The plan said in part, “Every year there are 25 million urban residents needing jobs and there are still significant amounts of excess rural labor needing to find jobs.” It also said, “All levels of governments making fiscal, financial and industrial policies must consider the impacts on employment and pay close attention to unemployment risks.”
