CIMB-Minimum_wage_policy–Curse_or_Cure

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					May 2, 2012




                   REGION AL




         MALAYSIA

        SINGAPORE
                                               ECONOMIC UPDATE
        INDONESIA

         THAILAND

       PHILIPPINES

 CHINA, HONG KONG




       CIMB Analyst                            Minimum wage policy – Curse
                                               or cure?
                                               Malaysia’s minimum wage of RM900 per month for the peninsula and
                                               RM800 for East Malaysia will benefit some 3.2m private sector
                                               workers and arguably, boost productivity by increasing worker
                                               satisfaction. Higher wages will release pent-up consumption, albeit
 Lee Heng Guie                                 with some inflationary impact. Our view is that an appropriate
 T (60) 3 20849667
 E hengguie.lee@cimb.com                       minimum wage could over time achieve a big push, i.e. move the
                                               low-wage, low-consumption and informal labour market to a
                                               high-wage, high-consumption and formal labour market.
  “We have prepared a
  mechanism whereby some
  allowances or fixed cash                     Minimum monthly wage of RM900
  payments are allowed to                      As recommended by the National Wage Consultative Council (NWCC), the
                                               government has set a minimum wage of RM900/month for Peninsular
  be absorbed in the                           Malaysia and RM800/month for Sabah, Sarawak and Labuan. This will benefit
  calculation for minimum                      3.2m private sector workers (25.8% of total employment) other than those in
  wage.”                                       domestic services. The minimum wage will take effect six months from the date
                                               of the Minimum Wages Order is gazetted. Small firms with no more than five
               ─ Datuk Seri Najib Tun Razak,
                                               workers will be allowed to defer it for a further six months.
                  Prime Minister of Malaysia
                                               Why RM900?
                                               The RM900 minimum wage is 49.9% of the national mean wage of
                                               RM1,804.43 in 2010. In setting the minimum wage, the government took into
                                               account social and economic considerations: cost of living, productivity,
                                               competitiveness and employment. In Malaysia, almost 33.8% of about 1.3m
                                               private sector workers still earned less than RM700/month in 2009, well below
                                               the RM800/month that is considered the poverty line. Wages have been
                                               lagging behind productivity growth, rising 2.6% p.a. versus productivity growth
                                               of 6.7% p.a. over the past decade. The new wage rate will have a bigger impact
                                               in Sabah (RM800 vs. the current average salary of RM577), followed by
                                               Sarawak (RM800 vs. an average of RM758). For Peninsular Malaysia, the new
                                               rate of RM900 is 20.4% below the current average salary of RM1,131.

                                               Net positive impact on the economy
                                               Arguably, the higher wage will have a net positive impact on the economy as
                                               any potential small loss of jobs will be more than covered by its multiplier effect
                                               as it puts more money in the hands of workers, thereby releasing pent-up
                                               consumption, albeit with some inflationary impact. There is strong empirical
                                               evidence that countries which implement a minimum wage tend to see a
                                               positive wage effect and a small negative employment effect among workers
                                               covered by the minimum wage legislation.

  Figure 1: Minimum wages for Peninsular, Sabah and Sarawak (RM/month)
       State                   Minimum wage         Current average salary*            2010 mean wage          2009 poverty line income
   Peninsular                     900.00                   1,131.00                        1,739.16                       763.00
   Sabah/Labuan                   800.00                    577.00                         1,565.93                      1,048.00
   Sarawak                        800.00                    758.00                         1,630.48                       912.00
  *For low-paid workers.
                                                                      SOURCES: MINISTRY OF HUMAN RESOURCES (MOHR), 10MP, CIMB RESEARCH



IMPORTANT DISCLOSURES. INCLUDING ANY REQUIRED RESEARCH CERTIFICATIONS, ARE PROVIDED AT THE END OF THIS REPORT.
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ECONOMIC UPDATE
May 2, 2012




                                                    1. Malaysia’s minimum wage policy
                                                    1.1 How it started
                                                    In Malaysia, there are three mechanisms that determine the wages of workers in
                                                    the private sector 1) the Wages Council Act 1974 (WCA), 2) collective bargaining
                                                    (CA), and 3) market forces. The WCA and CA fall under the definition of
                                                    minimum wage. But these minimum wages do not provide a decent standard of
                                                    living and cover only a small number of workers. The existing CAs do not cover
                                                    the majority of low-paid workers. As a result, wages in Malaysia are largely
                                                    determined by market forces. Real wages have been low or stagnating because
                                                    of price controls, subsidies and the influx of cheap unskilled foreign workers.

  Figure 2: Distribution of collective agreement (CA) with productivity-linked wage system (PLWS) by sector in 2008-2010
                           Total number of CA                                 No. of CA deposited and taken cognisance by Industrial Court
           Sector                                    ◄--------------   2008 -------------►   ◄--------------   2009 -------------►   ◄--------------   2010 -------------►
                     2008         2009     2010
                                                          No.              % with PLWS            No.              % with PLWS            No.              % with PLWS
  Manufacturing       153         159       195           108                  70.59              116                  72.96              144                  73.85
  Services            112         108       116            81                  72.32               80                  74.07               88                  75.86
  Agriculture         5            9        17              5                  100.00               9                  100.00              15                  88.24
  Others               -           -            2           -                     -                 -                     -                 2                  100.00
  Total               270         276       330           194                  71.85              205                  74.28              249                  75.45
                                                                                                        SOURCES: MALAYSIA PRODUCTIVITY CORPORATION (MPC)




                                                    The Malaysian Trades Union Congress (MTUC) has been asking for a wage
                                                    policy for decades. The minimum wage policy was announced by the Prime
                                                    Minister cum Finance Minister in the Oct 2010 budget speech. On 30 Mar 2010,
                                                    the New Economic Model (NEM) proposed the formulation of a minimum wage
                                                    policy to meet the inclusiveness agenda of the NEM. The objective is to rectify
                                                    the dysfunctional wage-setting mechanism for low-paid workers. In Jul 2011,
                                                    the National Wages Consultative Council Act 2011 (Act 732) was passed by the
                                                    Parliament and gazetted on 15 Sep 2011, repealing the WCA 1947 (Act 195).
                                                    1.2 Market conditions favour a minimum wage
                                                    Various measures showed that Malaysia’s labour market is characterised by 1) a
                                                    high presence of low-skilled workers (70% of labour force), significantly higher
                                                    than in Singapore (51%), Taiwan (67%) and South Korea (65%), and 2)
                                                    over-reliance on low-cost, unskilled foreign workers, which have sustained the
                                                    profitability of low-value-added business activity, giving businesses no incentive
                                                    to move up the value chain. It also largely contributed to a dampening effect on
                                                    wages.
                                                    The National Employment Returns 2009 study initiated by the Human
                                                    Resources Ministry revealed that 33.8% (Peninsular Malaysia=27.2%,
                                                    Sarawak=48.1% and Sabah=63%) of around 1.3m private sector workers in
                                                    Malaysia still earned less than RM700/month. Wages lag behind productivity
                                                    growth. A study by the World Bank that shows that wage growth was 2.6% p.a.
                                                    in the past 10 years compared to productivity growth of 6.7% p.a., suggesting
                                                    suppression of wages, especially for low-paid workers, and also an inefficient
                                                    labour market.




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ECONOMIC UPDATE
May 2, 2012




  Figure 3: Highest mean salary for mining and ICT sectors                                                Figure 4: Highest median salary for education and ICT sectors
                           Mining & quarrying                                                                                               Education
               Information & communication                                                                                                    Title:
                                                                                                                       Information & communication
                Financial & insurance/takaful                                                                                                 Source:
                                                                                                                                           Real estate
                                    Education                                                                                      Mining & quarrying
    Electricity, gas & air conditioning supply                                                                          Financial & insurance/takaful
                                   Real estate                                                                      Public administration & Please fill
                                                                                                                                              defence     in the values above to have them entered in your rep
         Professional, scientific & technical                                                               Electricity, gas & air conditioning supply
            Public administration & defence                                                                              Human health & social work
                 Human health & social work                                                                      Professional, scientific & technical
                    Transportation & storage                                                                                Transportation & storage
                                 construction                                                               Water supply, sewerage & waste mgmt
                               Manufacturing                                                                        Arts, entertainment & recreation
            Arts, entertainment & recreation                                                                                              construction
    Water supply, sewerage & waste mgmt                                                                                                Manufacturing
     W/sale, retail trade & repair of vehicles                                                               W/sale, retail trade & repair of vehicles
          Administrative & support services                                                                       Administrative & support services
               Accomodation & food service                                                                             Accomodation & food service
                Agriculture, forestry & fishing                                                                         Agriculture, forestry & fishing
                                Other service                                                                                           Other service

                               RM/month           0       1,000     2,000          3,000      4,000                               RM/month           0               1,000        2,000              3,000

                          Mean of monthly salaries and wages by industry in 2010                                                Median of monthly salaries and wages by industry in 2010

                                                      SOURCES: DOS, MOHR, CIMB RESEARCH                                                                  SOURCES: DOS, MOHR, CIMB RESEARCH




                                                                       1.3 Minimum wages – Helping or hurting workers?
                                                                       There are arguments for and against a minimum wage. The implementation of a
                                                                       minimum wage policy signals the government’s commitment to greater
                                                                       inclusiveness and reduces poverty as the income of at least 30-40% of workers
                                                                       currently puts them below the poverty line. Better wages arguably boost
                                                                       productivity growth, which is positive for employers. Meanwhile, those against
                                                                       the minimum wage argue that it interferes with market forces in wage setting,
                                                                       increases business costs and leads to some inflationary impact as higher costs
                                                                       will be passed to consumers.

  Figure 5: Better wages boost productivity growth                                                        Figure 6: Productivity growth was supported by manufacturing
                                                                                                          and services
     %                                                                                                      %

    16                                                                                                      15                             Title:
                                                                                                                                           Source:
                                                                                                            10
    12
                                                                                                                                           Please fill in the values above to have them entered in your rep
                                                                                                             5
     8
                                                                                                             0

     4                                                                                                      -5


                                                                                                           -10
     0

                                                                                                           -15
    -4                                                                                                               2006           2007          2008             2009       2010            2011
              2006            2007           2008          2009        2010            2011

                                                                                                                                  Agriculture             Mining              Manufacturing
                     National productivity growth           National wages growth* (RHS)                                          Construction            Services            Overall

  *Median of monthly salaries and wages in Malaysia as a proxy.                                                                                                 SOURCES: MPC, CIMB RESEARCH
                                SOURCES: DOS, MOHR, MPC, CIMB RESEARCH




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ECONOMIC UPDATE
May 2, 2012




  Figure 7: Services sub-sector’s productivity growth                                              Figure 8: Personnel cost as % of total cost by sector
    %                                                                                                    % of OPEX
   12                                                                                                       50                       Title:
                                                                                                                                     Source:
   8                                                                                                                 40
                                                                                                            40
                                                                                                                                     Please fill in the values above to have them entered in your rep
   4
                                                                                                            30
   0

                                                                                                            20
   -4

                                                                                                                                     <10                   9
   -8                                                                                                       10
                                                                                                                                                                             5-7             6
         2006               2007       2008         2009        2010          2011

                                                                                                             0
                Utilities                             Wholessale and retail                                      Plantation       Construction      Rubber glove       Automotive        Breweries
                Accomodation and restaurant           Transport and storage
                Communication                         Finance and insurance
                Real estate and business services     Other services                                                          Labour cost as % share of total company's OPEX

                                                    SOURCES: MPC, CIMB RESEARCH                                                                                       SOURCES: CIMB RESEARCH




                                                                   Figure 9: Productivity growth outpaced wage growth across all sectors in 2010

                                                                                            Healthcare
                                                                                      Private education
                                                                                               Tourism
                                                                        Business & professional services
                                                                                                                                                                                              Services
                                                                                      Wholesale & retail                                                                                     sub sector
                                                                                                    ICT
                                                                                       Logistic services
                                                                                            Basic metal
                                                                                         Motor vehicles
                                                                                             Chemicals                                                                                   Manufacturing
                                                                                                                                                                                          sub sector
                                                                                     Refined petroleum
                                                                                                   E&E
                                                                                     Food & beverages
                                                                                  Overall Manufacturing

                                                                                        Growth (%)         -12        -6              0               6               12            18               24

                                                                                                       Labour cost per employee      Productivity         Unit labour cost

                                                                                                                                                               SOURCES: MPC, CIMB RESEARCH




                                                                1.4 Why RM900 per month?
                                                                In setting the minimum wage, the National Wages Consultative Council (NWCC)
                                                                took into account social and economic considerations: cost of living,
                                                                productivity, competitiveness and employment. Other points that it considered
                                                                include geographic (different states, regions), economic sectors/industries as
                                                                well as demographic. The extent to which these factors are balanced can be
                                                                approximated by some rough indicators such as the level of the minimum wage
                                                                relative to the median or mean wage or the proportion of workers whose wages
                                                                are affected by the statutory minimum. As stipulated under the National Wages
                                                                Consultative Act 2011, minimum wage means the basic wage, i.e. the lowest
                                                                hourly, daily or monthly wage that employers legally pay employees. Part of
                                                                allowances or fixed payments will be allowed in calculating the minimum wage.
                                                                The NWCC set a minimum wage of RM900, which is around 49.9% of the
                                                                national’s mean wage of RM1,804.43 in 2010. In the UK, for example, the
                                                                minimum wage corresponds to about half the median wage, lower than 60% of
                                                                median wages in France but considerably higher than the 32.4% of median
                                                                wages in the US.




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ECONOMIC UPDATE
May 2, 2012




                  2. FAQ
                  2.1 How regularly will it be reviewed?
                  The NWCC will recommend the minimum wage to the government once every
                  two years. We think that a periodic adjustment which takes into account
                  changes in labour market conditions and productivity growth is the key
                  principle of a prudent minimum wage policy. To allow for flexibility as well as
                  unexpected economic shocks, the country should not be locked into a rigid
                  formula for regular adjustments of the minimum wage. Going forward, the
                  government hopes that within the next two to three years, the minimum wage
                  for Sabah, Sarawak and Labuan can be streamlined with that of the Peninsular
                  Malaysia.
                  2.2 What is a “safe” level for the minimum wage?
                  There is no universal answer as minimum wage effects depend on a host of
                  country-specific factors such as labour market conditions and variation in
                  worker productivity across regions, industries and occupations. The RM900
                  minimum wage is a reasonable threshold, being 49.9% of the national mean
                  wage. A minimum wage that is too high or above the market-clearing level
                  would lead to employment reduction and an increase in unemployment. The
                  minimum wage should not be increased when unemployment is high or rising
                  and is concentrated among low-skilled workers. As a rule of thumb, in
                  developing countries, the national minimum wage should be probably less than
                  40% of the average wage and roughly not more than one-third of the average or
                  mean wage. The proposed increase in minimum wage should take into account
                  inflation, productivity as well as employment growth.

                   Figure 10: A reasonable minimum wage range
                     RM/month

                     2,500


                                                                        1,833                        1,987
                     2,000
                                1,804       1,739
                                                                                     1,630
                                                                                                          1,500
                     1,500                                                                                        1,310
                                    1,300           1,290 1,299             1,200
                                                                  800                        1,000
                     1,000                                                                                                900
                                                                                                                                Minimum
                                                                                                                                  wage
                                                                                                                                range set
                       500



                         0
                                Malaysia    Peninsular      Sabah        Labuan       Sarawak        Urban area   Rural area


                                                                    Mean wage     Median wage

                                                                                         SOURCES: DOS, MOHR, CIMB RESEARCH




                  2.3 Who will benefit?
                  Some 3.2m private sector workers or about 25.8% of total employment will
                  benefit. Many will be from low-to middle-income households. The wage rate will
                  be distributed unevenly, with a RM100 difference between the Peninsular
                  Malaysia and Sabah, Sarawak as well as the Labuan Federal Territory. The new
                  rates will have a bigger impact in Sabah (RM800 vs. the current average of
                  RM577), followed by Sarawak (RM800 vs. average of RM758). For Peninsular
                  Malaysia, the new rate of RM900 is 20.4% below the current average salary of
                  RM1,131.




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ECONOMIC UPDATE
May 2, 2012




                   Figure 11: Median monthly salaries and wages paid by state
                    RM/month
                     2,000


                     1,600


                     1,200


                      800


                      400


                        0




                                                 Salaries and wages by state in 2010

                                                                            SOURCES: DOS, MOHR, CIMB RESEARCH




                  2.4 Which are the groups or sectors will be affected?
                  All the formal private sector employees will be stipulated under the Minimum
                  Wage Order. Domestic services such as domestic helpers and gardeners will be
                  exempted.
                  2.5 How will the government enforce it?
                  A grace period will be given to employers to restructure their wage schemes
                  once the new minimum wage is implemented. The minimum wage will take
                  effect six months from the date the Minimum Wages Order is gazetted. Most
                  firms with five workers or fewer, so-called small-time employers or
                  micro-enterprises will be allowed to defer it for a further six months. The
                  12-month grace period does not cover professional outfits such as dental and
                  medical clinics and legal, architecture and consultant firms. SMEs will be given
                  the opportunity to apply to the wage council for an extension before the
                  commencement date.
                  In practice, there are several reasons why the effectiveness of minimum wages
                  may be limited. One obvious factor which can limit the impact of minimum
                  wages is weak enforcement. Other factor is simply the risk of mismanagement –
                  when minimum wages are set at an unrealistically high level, leading to either
                  non-enforcement or displacement of low-paid workers into unemployment or
                  informal employment.
                  In Malaysia, employers which do not comply with the minimum wage policy risk
                  a maximum fine of RM10,000 per worker. For continuous offenders, they will
                  be fined RM1,000 per day and repeat offenders would face a RM20,000 fine or
                  five years’ jail or both.
                  2.6 Will it affect the cost of doing business and hurt
                  Malaysia’s competitiveness?
                  We do not think that the minimum wage will hurt Malaysia’s competitiveness as
                  some 90% of the countries in the world have minimum wage policies. They
                  include Malaysia’s regional peers such as China, Taiwan, South Korea, Thailand
                  and Indonesia. Furthermore, the minimum wage scheme will only applicable to
                  low-paid workers.




                                    6
ECONOMIC UPDATE
May 2, 2012




                                                                         Figure 12: In Asia, Taiwan and Hong Kong have the highest minimum wage
                                                                             US$/month
                                                                             2,500


                                                                             2,000


                                                                             1,500


                                                                             1,000


                                                                               500


                                                                                    0




                                                                                                               Monthly minimum wage for private sector

                                                                                                                                  SOURCES: NATIONAL SOURCES, CIMB RESEARCH



                                                                       Malaysia’s competitiveness is a function of a conducive investment climate,
                                                                       predictable economic policies, an array of business-friendly incentives as well as
                                                                       the provision of good infrastructure and skilled workers.
                                                                       The impact on the cost of doing business will be manageable as 1) wages
                                                                       constitute 9.2% of the total cost of doing business, and 2) the minimum wage
                                                                       covers lower-income category, which represents about 20% of total manpower
                                                                       in a company. If labour productivity rises faster than wages, capital and stock
                                                                       owners will benefit. Companies may increase the budget for the training of their
                                                                       workers.
                                                                       3. Economic impact
                                                                       3.1 Pent-up consumption
                                                                       Arguably, the multiplier effect is greater as the minimum wage puts more
                                                                       money in the hands of workers, thereby releasing pent-up consumption. A
                                                                       back-of-envelope calculation shows that an adjustment of RM200 per month for
                                                                       3.2m workers amounts to an estimated annual income of RM7.7bn. Assume a
                                                                       marginal propensity to consume (MPC) of 0.5, this translates into annual
                                                                       disposable income of RM3.9bn or 0.5% of GDP. As shown in Figure 13, these
                                                                       low-wage workers spend 68-75% of the total household income on basic needs -
                                                                       food and beverages (32-35%), housing, utilities and other fuels (28-37%), as
                                                                       well as transportation (3-8%).

  Figure 13: Household expenditure by income group                                                 Figure 14: Household expenditure by occupation of household

              > RM5000                                                                                                                  Others
                                                                                                                                   Title:
     RM4000 - RM4999                                                                                                   ElementarySource:
                                                                                                                                 occupations
     RM3000 - RM3999                                                                                     Plant/machine-operators & assemblers
     RM2000 - RM2999                                                                                                                Please fill
                                                                                                                  Craft & related trade workers in the    values above to have them entered in your rep
     RM1000 - RM1999
                                                                                                           Skilled agricultural & fishery workers
       RM900 - RM999
                                                                                                     Services workers & shop/mkt sales workers
       RM800 - RM899
                                                                                                                               Clerical workers
       RM700 - RM799
                                                                                                          Technicians & associate professionals
       RM600 - RM699
                                                                                                                                  Professionals
       RM500 - RM599
                                                                                                        Legislators, senior officials & managers
              < RM500
     % of total monthly                                                                                                     % of total monthly      0       20        40         60        80   100
       expenditure        0            20             40          60           80        100                                  expenditure

                   Food & beverages                   Alcoholic beverages & tobacco                                   Food & beverages                  Housing, utilities & other fuels
                   Housing, utilities & other fuels   Transport                                                       Transport                         Restaurants & hotels
                   Restaurants & hotels               Others                                                          Others

                                                           SOURCES: DOS, CIMB RESEARCH                                                                    SOURCES: DOS, CIMB RESEARCH



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ECONOMIC UPDATE
May 2, 2012




                                                              3.2 A small negative employment and investment impact
                                                              There is strong empirical evidence that countries which implement a minimum
                                                              wage tend to see a positive wage effect and a small negative employment effect
                                                              among workers covered by the minimum wage legislation if the wage is set
                                                              above the market equilibrium level. The precise magnitude of the negative effect
                                                              on employment is a subject of debate and is likely to vary depending on time,
                                                              place and the type of job.
                                                              The NWCC/MOHR studies showed that a minimum wage is expected to reduce
                                                              the demand for migrants workers by 0.4-6.1% over next four years (2012-15)
                                                              under monopsony and competitive models if the minimum wage is set at
                                                              RM900/month and above. Under perfect competition market, the
                                                              RM900/month minimum wage is expected to increase the country’s
                                                              unemployment rate by an average 0.4% pt in 2012-14. The impact on
                                                              investment is very mild with an estimated less than 0.05% decline in total
                                                              investment rate during 2012-14 when the minimum wage is set at
                                                              RM900/month.

                                                                  Figure 15: A minimum wage is expected to reduce demand for migrants workers
                                                                   Hypothetical wage    ◄------- Monopsony model (%) ------►                 ◄------- Competitive model (%) ------►
                                                                    level (per month)       2012            2013      2014        2015         2012           2013       2014      2015
                                                                            RM700           0.0                 0.0   0.0          0.0          0.0           0.0           0.0     0.0
                                                                            RM800           -0.1                0.0   0.0          0.0          -0.1          -0.1        -0.1      -0.1
                                                                            RM900           -0.6            -0.4      -0.5         -0.4         -0.9          -0.7        -0.6      -0.4
                                                                           RM1000           -0.8            -1.8      -1.6         -1.3         -2.5          -2.2        -2.0      -1.7
                                                                           RM1100           -1.0            -1.8      -1.2         -1.7         -4.3          -4.0        -3.7      -3.4
                                                                           RM1200           -3.9            -3.9      -2.3         -3.0         -6.1          -5.6        -5.3      -4.9
                                                                                                                                                 SOURCES: MOHR, CIMB RESEARCH




  Figure 16: Forecasted increase of unemployment rate by level                              Figure 17: Forecasted change in the investment rate by level of
  of minimum wage under perfect competition market                                          minimum wage
    %                                                                                                %
   3.0                                                                                             0.2                       Title:
                                                                                                                             Source:                      Minimum wage level (RM/month)
                                                                                                   0.0
   2.5
                                                                                                          700         800             900              1000          1100          1200
                                                                                                   -0.2                      Please fill in the values above to have them entered in your rep
   2.0
                                                                                                   -0.4

   1.5
                                                                                                   -0.6

   1.0                                                                                             -0.8

                                                                                                   -1.0
   0.5

                                                                                                   -1.2
   0.0
         600   700        800        900        1000       1100          1200   1300               -1.4
                                                        Minimum wage level (RM/month)
                     % change in unemployment rate (average 2012-2014)                                                 % change in total investment rate (average 2012-2014)

                                               SOURCES: MOHR, CIMB RESEARCH                                                                    SOURCES: MOHR, CIMB RESEARCH




                                                              3.3 A big push over the medium term
                                                              In our opinion, an appropriate minimum wage level would over time achieve a
                                                              big push, i.e. move the low-wage, low-consumption and informal labour market
                                                              to a high-wage, high-consumption and formal labour market. As the adjustment
                                                              of the minimum wage will be carried out on a staggered basis, the inflationary
                                                              impact, i.e. the cost pass-through to consumers, is likely to be manageable. If
                                                              the rise in productivity growth matches the rise in wages, this will result in a
                                                              lower cost of production and companies may absorb the rise in unit labour cost.



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ECONOMIC UPDATE
May 2, 2012




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ECONOMIC UPDATE
May 2, 2012




any person in Sweden or a solicitation to any person in Sweden to buy any instruments described herein and may not be forwarded to the public in Sweden.
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