Manufacturers warned not to adjust prices as minimum wage increase not in effect yet

[webfact]

Manufacturers warned not to adjust prices as minimum wage increase not in effect yet 

 

 

BANGKOK: -- The Ministry of Commerce today warned manufacturers not to raise prices of their products as the new minimum wage announced  by the Minimum Wage Committee still needs to get endorsement by the Cabinet before it goes into effect.

 

Warning by the ministry’s permanent secretary Ms Wiboonlasana Ruamraksa came after the wage committee announced an average 5-10 baht increase in minimum wage for 69 provinces last week.

 

She made clear that as the Cabinet has not yet approved the wage increase, manufacturers have no reason to exploit the announcement and adjust prices of their products, citing reason of higher cost.

 

She said if any manufacturer has raised prices, the ministry would summon them for a meeting immediately.

 

Full story: http://englishnews.thaipbs.or.th/manufacturers-warned-not-to-adjust-prices-as-minimum-wage-increase-not-in-effect-yet/

 

-- © Copyright Thai PBS 2016-10-24

[goldenbrwn1]

So what's the point? Give people more money so you can just take it straight back off them.........object defeated.

[Tiffer]

How about looking at efficiency measures rather than simply raising prices? 

[Ace of Pop]

A Secretary giving orders to wealth creators ,ahh well.⚖️


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[realenglish1]

Not adjust prices I thought Thais appreciate a market economy Government interference in the market in general is not a good thing unless something is grossly out of wack

[ldiablo72]

So the government gives workers a 5-10 baht a day minimum wage raise and then tells manufacturers to hold off increasing their pricing. Would have made just as much sense to not give a minimum wage increase and tell manufacturers to not raise prices. In principle, it's the exact same thing.

[GeorgeCross]

33 minutes ago, ldiablo72 said:

So the government gives workers a 5-10 baht a day minimum wage raise and then tells manufacturers to hold off increasing their pricing. Would have made just as much sense to not give a minimum wage increase and tell manufacturers to not raise prices. In principle, it's the exact same thing.

 

 

it gets worse.. by raising minimum wages those who cannot provide enough "value" to employers to justify the increased costs lose their jobs and those on fixed income get poorer through inflation.

 

great policy.

 

so who wins? well government get more taxable income and also look good to the financially uneducated (thats most of us) 

[mki8]

round and round and round we go

 

minimum wage is the worst thing that can ever happen to a country

just look at UK since they brought it in

minimum wage comes in

the price on everything goes up

minimum is then not enough and everyone has less than they did before

so they increase minimum wage

then the price on everything goes up again

and the cycle is in motion

 

the other problem that sets in sooner or later

is NOBODY wants to work for the MINIMUM

(if they actually want to do any work at all)

 

 

 

[fruitman]

8 hours ago, Tiffer said:

How about looking at efficiency measures rather than simply raising prices? 

 

If Thai started working efficient 50% would be out of job soon.

 

And what's the point of growing things like cashewnuts if you can buy them much cheaper from abroad? Same goes for peanuts and loads of other produce.