Capitalism bastion Hong Kong OKs minimum wage law

Source: Associated Press

Capitalism bastion Hong Kong OKs minimum wage law
by MIN LEE
updated 7/17/2010 10:04:26 AM ET

HONG KONG — Hong Kong passed its first-ever minimum wage law Saturday, a rare departure from the wealthy Chinese financial hub's free-market philosophy. The move was hailed by union workers as a victory for the territory's underpaid working class.

No rate has yet been set, but it appears employers will be required to pay at least $3 an hour — well short of the $7.25 guaranteed to workers in the U.S. and the $9 in the United Kingdom and low for one of the most expensive cities in the world.

Thousands of foreign live-in domestic workers also will be excluded from the deal.

But legislator and union organizer Lee Cheuk-yan said it was symbolic, showing that the city was saying "goodbye to shameful wages and embraced social justice for workers."

"This means goodbye to unfettered capitalism," he said.


Read more: http://www.msnbc.msn.com/id/38288774/ns/world_news-asiapacific/

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