Human Resources Management: How to Improve Minimum Wage Policy Management in Hong Kong
The objective of this research is to analyze the advantages and disadvantages of minimum wage legislation in Hong Kong. When hike minimum wage can help lower skilled worker. This study will conduct an evaluation of the minimum wage hiking and how it can help the lower skilled workers and will additionally compare benchmarking minimum wage legislation with other countries, for example the standard of minimum wage.
Following minimum wage legislation the primary problems that employers and employees faced included for employers the turnover rate of lower-wage workers and how to reduce the cost of training that affects the quality of service and the working attitude and behavior of employee lack of enthusiasm. For employees problems included the increase in the unemployment rate and reduction in fringe benefits including such as medical insurance. Included in this study will be the varying policies on minimum wages in other countries including multiple minimum wage rates, differentiated standards of minimum wage by industry and type of work performed.
Research Questions
Research questions in this study include those which pose the questions stated as follows:
(1) What are the different policies of various countries on minimum wage standards?
(2) How are the varying levels of minimum wage based on type of work performed determined?
(3) Since some countries have prescribed minimum wages for different population groups to ensure their specific needs are met, how fair are these policies and are these policies on minimum wage effective?
Methodology
The methodology of this study is qualitative in nature and is such that examines the literature in this area of inquiry.
Definition of Terms
(1) Minimum Wage: Defined by the International Labor Organization as "the minimum sum payable to a worker for work performed or services rendered, within a given period, whether calculated on the basis of time or output, which may not be reduced either by individual or collective agreement, which is guaranteed by law and which may be fixed in such as way as to cover the minimum needs of the worker and his or her family, in the light of national economic and social conditions." (Varkkey and Korde, 2012)
Literature Review
The work of Partridge and Partridge (2012) reports that there have been several studies conducted recently that have presented challenges to the tradition al idea that minimum wage raises brings about a reduction in employment. Partridge and Partridge state that the conventional view on raising the federal minimum wage has been held to be a way to reduce poverty and to make provision of a living wage'. (Partridge and Partridge, 2012, p. 393) The declining value of the real minimum wage in the 1980s is reported as identified as potentially resulting in 30% of the increase in wage inequality. Inflation serves to erode the fixed minimum wage, every few years there are reported to be calls to increase state and federal minimum wage rates which holds the minimum wage issues at the forefront of policy discussion." (Partridge and Partridge, 2012, p. 393)
Economists have issued warnings that raising the minimum wage has had "deleterious consequences including losses in employment reduced general training and off-setting reductions in fringe benefits." (Partridge and Partridge, 2012, p. 393) It is held by traditional views that losses in employment should be among those who are less-skilled workers and that the minimum wage is expected to benefit." (Partridge and Partridge, 2012, p. 394) It is reported that the standard minimum-wage model is the primary supply and demand model and it is reported that the imposition of a wage floor "in its simplest form…above the equilibrium wage reduces employment, although the real-world complexities such as the incomplete minimum wage coverage can complicate the analysis." (Partridge and Partridge, 2012, p. 394)
The monophony labor market model is reported to recently been the focus of attention in the debate over the minimum wage. It is reported that from this view if the employer is constrained with the supply of labor then increases in minimum wages results in gains in employment. Reported as the result of the increase of minimum wage is one that cannot be foreseen with a theoretical absoluteness therefore the issue of minimum wage being raised is stated to be an issue that is empirical in nature.
Siu and Lam (2013) reported that there is disappointment among union members in Hong Kong...
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