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Following is the transcript (English portion) of remarks by the Secretary for Labour and Welfare, Mr Matthew Cheung Kin-chung, on the latest unemployment statistics at a media stand-up session today (June 16):
The unemployment rate for March to May this year stood at 3.5%, same as that in the previous period. The underemployment rate also held steady at 1.9%.
Owing to our strong economic growth and continued job creation, total employment rose notably further, by about 15 000, to an all-time high of 3 600 500 in March – May 2011.
At the same time, the labour force increased by 17 800 to around 3.7 million (3 735 300).
As the new jobs created helped to absorb most of the additional work force, the number of unemployed persons rose only slightly, by 3 000, during the period.
On the short-term outlook, there are two pressure points that we have to bear in mind. One is the new batch of fresh graduates and school leavers joining the labour force in the next few months. At the same time, because of the implementation of the statutory minimum wage, some job seekers will be induced to join the labour market. So these two factors will pose pressure on the unemployment rate.
However, given our buoyant economy and very positive hiring sentiment at the moment, labour demand is expected to remain firm in the near term. This should help cushion the impact of increasing labour force on unemployment.
As for the statutory minimum wage, the implementation up to now has been smooth and stable. During the past fortnight, the Labour Department has stepped up inspections at workplaces. The department actually inspected 2 291 workplaces and only discovered eight cases or some 0.3% that need follow-up action. In fact, the number of complaints is very, very low.
As regards the private job vacancies received by the Labour Department, also a good indicator of the impact of minimum wage on the labour market, we have been receiving around 3 000 jobs per working day on average consistently, which is also pretty steady and encouraging.
However, we will continue to monitor developments closely, and do whatever we can to assist job-seekers.
(Please also refer to the Chinese portion of the transcript.)
Ends/Thursday, June 16, 2011
Issued at HKT 19:02
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