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Minimum wage rises from Jan 1
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  1. #1
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    Minimum wage rises from Jan 1

    Wage hike to slow GDP
    11-baht raise shaves 0.2% off growth

    Published: 27/11/2010 at 12:00 AM
    Newspaper section: Business

    The government's decision to lift the minimum wage will affect economic growth by 0.2% on average, says the Finance Ministry, while this year's growth will decline slightly to between 7.3% and 7.4% due to the recent floods.

    Pisit Puapan, director of the Macroeconomic Analysis Division in the ministry's Fiscal Policy Office (FPO), said a wage increase from an average of 200 baht to 210 baht a day would have an impact, as wages are a significant investment cost.

    Prime Minister Abhisit Vejjajiva said in Bangkok yesterday that effective from Jan 1, the government would raise the minimum wage by 11-12 baht, depending on each province's cost of living.

    Mr Abhisit had previously proposed a flat rate of 250 baht nationwide. However, the tripartite Central Wage Committee comprising the government, employers and labour representatives disagreed and countered with an average increase of 10 baht.

    The committee said a 250-baht flat rate, representing a 21% increase from the top wage in Bangkok, currently 206 baht, would hurt overall economic growth too severely.

    The minimum wage currently exceeds 200 baht only in Bangkok and six other highly developed provinces, and is 151 to 184 baht elsewhere.

    More: http://www.bangkokpost.com/business/...ke-to-slow-gdp

  2. #2
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    Re: Minimum wage rises from Jan 1

    I admire people who earn the minimum wage, it's people like this who are the most important people in the economy, unfortunately there not valued financially as much as they should be.

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