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Kronos Provides Best Practices on How Companies Can Comply with Hong Kong Statutory Minimum Wage

2011-05-16 20:43 1900

HONG KONG, May 16, 2011 /PRNewswire-Asia/ -- Kronos Incorporated today released whitepaper outlining best practices on how to comply with Hong Kong Statutory Minimum Wage by leveraging workforce management solutions. The whitepaper analyzes the impacts of SMW on Hong Kong business owners and employees, and demonstrates how Kronos can help organizations prepare to effectively implement the new Minimum Wage Ordinance.

News Facts

The Minimum Wage Ordinance is based on an hourly wage, even though most employees in Hong Kong are paid monthly and their employees thus have few processes in place to capture hours.

Kronos Workforce Central® helps minimize compliance risk by enabling organizations to:

  • Automatically apply a new award rate e.g. wage rate of HKD 28 with an effective date of 1 May, 2011 - retrospectively and in advance. Wage and hour policies are defined once and applied the same way, every time, reducing human error. This allows policies to be enforced more accurately and consistently, so employees know they are being treated fairly. And full audit capabilities ease the burden of compliance with detailed audit tracking.
  • Evaluate the labor cost impact in advance to help companies maximize productivity, customer service and sales within their business through the most cost-effective schedule.
  • Provide an audit of all transactions by employee should disputes arise. Automation captures actual time worked, and easy real-time reporting lets you monitor actual employee time patterns and identify and correct problems before they escalate.

Supporting quotes

  • David Mitchell, General Manager of Great China, Kronos

"The Statutory Minimal Wage is another milestone of Hong Kong legislation in their process to protect the workers' rights and secure stable developments of Hong Kong economy. Kronos have helped companies including 60% of Fortune 1000 minimizing compliance risk in the past 32 years. We are proving workforce management doesn't have to be so hard."

Supporting Resources

  • The Statutory Minimum Wage Ordinance in Hong Kong was passed by the Legislative Council on July 17, 2010, and will take effect on May 1, 2011. This means that for the first time, the Hong Kong will implement a minimum wage of HKD $28. Roughly 11.3% of Hong Kong's employees will be implicated by the SMW, with 61.4% being female workers, 25.3% seniors aged 55+, and 18.8% part-time workers.
  • The whitepaper can be download by click here.

 

About Kronos Incorporated

 

Kronos is the global leader in workforce management solutions that enable organizations to control labor costs, minimize compliance risk, and improve workforce productivity. Tens of thousands of organizations in 60 countries -- including more than half of the Fortune 1000® -- use Kronos time and attendance, scheduling, absence management, and labor analytics applications. To learn how Kronos uniquely delivers complete automation and high-quality information in an easy-to-use solution, visit www.kronos.cn/en.

© 2011 Kronos Incorporated. All rights reserved. Kronos is a registered trademark of Kronos Incorporated or a related company. All other trademarks are property of their respective owners.

Source: Kronos
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