China Financial Center Sees Slowest Minimum Wage Rise Since 2009
- Shanghai increases minimum monthly pay 8.4% to 2,190 yuan
- Takes cautious approach to labor costs as economy slows down
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Shanghai announced its smallest minimum wage increase in seven years, as income growth takes a back seat amid the cooling national economy.
China’s financial center will increase the mandatory monthly minimum wage by 8.4 percent to 2,190 yuan ($339), effective Friday, the municipal government said on Thursday. That compared with an average annual increase of 13 percent over the past six years. It’s the slowest gain since 2009, when the global finance crisis hit China and Shanghai froze minimum pay increases.