Dear friend of the FMF
In this week’s feature article, Eustace Davie describes how the National Minimum Wage (NMW) will cause low-income workers to lose jobs and raise the barrier to entry into the labour market even higher for the 9.48 million people who are already unemployed. The author describes how Hong Kong, now the most economically free territory in the world, solved a much worse unemployment problem than SA now has, by adopting high growth economic policies, including non-intervention in the labour market. These policies changed Hong Kong in less than 20 years from having a huge labour surplus to suffering labour shortages.
Politicians approve economically disastrous and unconstitutional NMW – EUSTACE DAVIE
The politicians who approved the National Minimum Wage (NMW) Bill appear to believe that they live in an Alice in Wonderland world in which they have been issued with “magic wands” that enable them to adopt legislation and regulations that do good without doing harm. In the real world of economic consequences, the NMW is set to harm a great many unfortunates who currently earn incomes that are well below the NMW. The NMW will cause many to lose their jobs and make it even more difficult for the 9.48 million unemployed to access jobs.
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Publish date: 06 June 2018
The views expressed in the article are the author’s and are not necessarily shared by the members of the Foundation.