Chinese Want Minimum Wage Raise, Too!
Minimum wage earners are going to see their first wage increase in 10 years!
The Chinese are wishing they could get a pay increase as well.
Why? Instant noodle prices are going up. 40% up!
Gosh, what do most people on a very tight budget eat? Yup…the cheap stuff…instant noodles.
However, before we get out the violins, consider that the .5 yuan ( 6 cents) noodles will now cost .6 yuan (7 cents) and the 1 yuan mid-priced packs will increase to 1.2 (14 centsish). Ouch.
Indeed, price increases are relative. If wages are low, an increase of 20-40% is an increase no matter where it
is applied.
Last year China made 46 billion packages of instant noodles or about 51% of global production.
Let's see, what's 46 billion times .1 – .2 yuan? Yup, it adds up and substracts more from those on minimum wage.
Do you eat instant noodles?
This week, Know More Media writers took differing stabs at the new U.S. minimum wage increase. Here's a sampling:Minimum Wage Increase News and InformationAt MarketingBlurb, Susan Gunelius lays out the basic facts about the new minimum wage.L…
Leave a comment!