China: Wage to double in five years

China is striving to increase the average wage for workers by 15 percent annually in a bid to achieve a two-fold increase in pay by the end of 2015.

Double the number on your paycheck.

It’s a promise made by the Ministry of Human Resources and Social Security.

And the solution lies in a raise in wages.

Yang Zhiming, Vice Minister of the Ministry said on Monday at a workers’ relations conference that wage growth of employees should fall in line with the profit growth of employers.

Adjusting the minimum wage is another way to secure that workers receive a fair share of the country’s economic fruit.

13 provinces have raised their minimum wage by an average of around 23 percent this year. And more cities are likely to follow within the year.

Other issues touched on at the conference included the problem of migrant workers failing to get paid and the widening income gap.

Reports say 90 percent of top executives in major Central State-Owned Enterprises can earn as much as over one million yuan a year.

Addressing the issue, Yang said the income of officials should be transparent. Payment regulations should be re-examined for high-income earners.

 

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