During the "12th Five-Year Plan" period, the average annual growth rate of the minimum wage standard will exceed 13%. (Reported on February 9, 2012 at 07:21 by Dahe Daily - I want to comment (114) Font size: T|T)
The "Employment Promotion Plan (2011-2015)" proposed that during the "12th Five-Year Plan" period, China will form a normal wage growth mechanism. Employees' income levels will grow reasonably and rapidly, with the minimum wage standard growing annually by more than 13%. In most regions, the minimum wage standard will reach over 40% of the average wage of urban employees.
This is the goal proposed in the "Employment Promotion Plan (2011-2015)" authorized by Xinhua News Agency on February 8. This plan was jointly formulated by the Ministry of Human Resources and Social Security, National Development and Reform Commission, Ministry of Education, Ministry of Industry and Information Technology, Ministry of Finance, Ministry of Agriculture, and Ministry of Commerce. It has recently been approved by the State Council and distributed to all localities and departments for implementation.
The plan points out that during the "12th Five-Year Plan" period, China will implement fiscal security policies that are more conducive to promoting employment. Public finance will tilt towards small and micro enterprises and labor-intensive industries that conform to the national industrial policy orientation. Fiscal expenditure will gradually tilt towards people's livelihoods, increasing support for disadvantaged groups.
The plan proposes that by the end of the "12th Five-Year Plan" period, the enterprise labor contract signing rate in our country should reach 90%, the enterprise collective contract signing rate should reach 80%; working conditions will significantly improve; social security systems will cover all workers, and job stability will markedly increase.
During the "11th Five-Year Plan" period, the average annual growth rate of the minimum wage standard in our country was 12.5%. By the end of the "11th Five-Year Plan" period, the enterprise labor contract signing rate in our country was 65%, and the enterprise collective contract signing rate was 50%.
The plan also proposes that during the "12th Five-Year Plan" period, our country will reform the total wage management method of state-owned enterprises, implement dual control over the total wages and wage levels of some industries, and narrow the wage level gap between industries. Strictly regulate the remuneration management of senior executives in state-owned enterprises and financial institutions.