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China / To raise minimum wages

China has pledged to increase minimum wages and force state-owned companies to hand over more of their revenues to the public as part of a push to tackle growing inequality.The chasm between China’s rich and poor is seen by analysts as a significant threat to political stability, with discontent over inequality spilling over into angry online comment and, on occasion, street protests.

Unveiling a long-awaited 35-point income distribution plan on Tuesday, the State Council, or cabinet, said it wanted to lift as many as 80m people from poverty by 2015. It pledged to raise minimum wages to 40 per cent of average salaries, boost spending on education and public housing, and force state-owned companies to pay out an additional five percentage points of their revenues in dividends by 2015.Analysts cautioned that many of the elements in the plan had been flagged before and that it was light on binding commitments.“In the past we have witnessed cases where the central government has announced reform plans but implementation was not effective. It remains to be seen how soon and how seriously these measures will be implemented,” said Zhang Zhiwei, an economist with Nomura.

Capture d’écran 2013-02-06 à 15.26.25

financial times

via Beijing vows to raise minimum wages –

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