East China's Shanghai metropolis, an economic leader in the country, has set a guide line for salary rises in 2004 for Shanghai-based companies.
The bottom line of the salary increase was set at three percent,while the average line was at nine to 10 percent, according to the Shanghai Labor and Social Security department, the policy maker ofthe guideline.
The department said the guideline could help companies as well as people looking for employment to have a better view of the overall salary level. Though companies are not compelled to raise salaries for their employees in accordance with the guideline, the department hopes that companies will take the guideline into account when they decide to do so.
According to the department, the guideline was set on forecasting of the city's GDP (gross domestic product) growth, inflation index and the cost of human resources.
In 2004, the municipality's GDP is expected to grow over 10 percent while the unemployment rate is expected to be kept under around 4.6 percent.
Statistics also show that in the first quarter of this year, 234,000 people in the city were looking for jobs, up 7.8 percent. The ratio of applicants to positions was 100:76.
In 2003, the average yearly salary for employees in Shanghai stood at 22,160 yuan, (2,670 US dollars) or an average of 1,847 yuan monthly, up 13.8 percent over the previous year.
(Xinhua News Agency April 16, 2004)
