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Shenzhen's minimum wage raised by 12%, remains highest in China

2015-February-17       Source: Szdaily.com

Shenzhen is set to raise its minimum wage by 12 percent next month in a bid to attract workers and help them offset the rise in the cost of living.

Shenzhen is set to raise its minimum wage by 12 percent next month in a bid to attract workers and help them offset the rise in the cost of living.

As of March 1, the minimum monthly wage for full-time workers in Shenzhen will be raised to 2,030 yuan (US$324) from the current 1,808 yuan, according to a statement issued by the city's human resources and social security bureau.

The new level remains the highest nationwide after six regions adjusted their pay standards for lower-income groups. Meanwhile, the minimum hourly pay for part-time workers is to be raised to 18.5 yuan, only second to Beijing, which has the highest minimum hourly salary at 18.7 yuan.

In addition, the city's unemployment payment has increased to 1,624 yuan a month.

The raise in minimum wage is aimed at easing the labor shortage after Spring Festival, which falls on Thursday. Many migrants are expected to seek higher-paying jobs after returning home from the holiday. Authorities urge businesses to do a better job of planning their annual salary expenditures, the statement said.

Shenzhen has been hit by a chronic labor shortage for years, as many migrants return to work in factories closer to their hometowns that offer competitive wages with lower living costs than Shenzhen.

The rapid rise in living costs in the city is also a factor behind the wage raise. The minimum wage raise highlights the challenges faced by the world's second-largest economy. In particular, labor-intensive and export-oriented industries are feeling the pinch from rising labor costs.

 

Editor: Olivia

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