New wage a good start

(China Daily)
Updated: 2007-07-03 13:42

Efforts should be made to improve the income of disadvantaged groups, says an editorial in Beijing News. An excerpt follows:

Beijing raised its minimum monthly wage to 730 yuan ($95) from 640 yuan ($83) - a 14 percent increase - starting July 1. At the same time, the minimum living subsidy, unemployment insurance, work-related injury insurance and pension were all raised accordingly.

Related readings:
 Workers' wages see two-digit annual rise for 4 years
 Monopolies wages in the cross hairs Senior executive earns over 17m yuan in 2006
 
China has 80m middle class members

This is the first time that the minimum wage level increased faster than the GDP. But it is not yet time to celebrate. There is much more to do.

The Chinese economy has achieved great progress in the past 30 years but there are still a large number of people whose income level and living conditions cannot catch up with the country's economic growth.

The increasing economic gap is a hidden danger behind the prosperous economy. As disadvantaged groups fall behind in income and social security it affects both their standard of living and the future development of their children and grandchildren.

Hereditary poverty and solidified social strata will directly block the channels for upward mobility. It will affect the sustainable growth of the economy and social stability as well.

To increase basic social security and wage levels, to narrow the income gap and to create more equal opportunities are government responsibilities that must not be shirked.


(For more biz stories, please visit Industry Updates)