By: Ko Lin, Taiwan News, Staff Writer
Amid the economic slowdown, 70.7 percent of the nation’s labor force believes the minimum
wage standard should be raised to help stimulate the economy and boost consumer confidence, reports said Thursday.
A survey released by online job bank yes123 found that 77 percent of employees believe the country’s gross domestic product (GDP) growth for the remainder of the year will remain below 1 percent, while 44.6 percent of those polled say the situation will not fair better next year.
In October, the Chung-Hua Institution for Economic Research (CIER), one of Taiwan’s leading think tanks, said it has slashed its forecast for the island’s GDP growth for 2015 to less than 0.9 percent, which is a cut from an earlier estimate of a 3.04 percent increase in July.
Following the government’s short-term economic stimulus which began November 7, the nation’s workforce however believes raising the minimum wage would be more effective in boosting consumer confidence. [FULL STORY]