Monday, July 19, 2010

Expect Unemployment to Climb in Hong Kong

Over the weekend, Hong Kong passed its first-ever minimum wage law. The move was hailed by union workers as a victory for the territory's underpaid working class. Of course, price controls never work, even when applied to wages. The higher the rate the greater will be the increase in unemployment.

No rate has yet been set, but it appears employers will be required to pay at least $3 an hour

1 comment:

  1. Sad to see one of the free-est trade zones succumbing to such idiocy.