Friday, 9 May 2008

Shanghai wages increase average of 11%


SHANGHAI'S average salary increased 11 percent on average annually from 2002 to 2006, the city's labor union said today in a five-year report on wages.

Workers in the service industry increased four times in the city during the five years, the Shanghai Federation of Trade Unions said in the report.

The number in the financial industry increased 65 percent while the number of real estate industry professionals has risen 36 percent from 2002 to 2006, according to the report.

The Shanghai Labor and Social Security Bureau stipulated last week that workers at all local enterprises, including those companies making losses, should receive a salary rise this year.

The labor authority also said for the first time that companies running at a loss can also increase salaries for staff members by a minimum of 5 percent.

The city's government raised the baseline minimum monthly wage from April 1 to 960 yuan from 840 yuan.

960 a month? OMG?!

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