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Proposed new min. wage could bankrupt 80% of companies, report

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Mohammad Shoucair , President of Chamber of Commerce, Industry and Agriculture of Beirut and Mount Lebanon told Al Nahar newspaper in remarks published on Wednesday that he rejects the proposal of General Labor Confederation Union leader Ghassan Ghosn over the increase in minimum wage stressing that such an increase will bankrupt 80 % of the Lebanese private companies.

He stressed that the economy is in such a terrible shape that companies cannot even afford to increase the minimum wage by 100, 000 Lebanese pounds and asked :”Can you imagine what will happen if the minimum wage is raised to 1,250,000 Lebanese pounds as being proposed by Ghosn?”

He said such a minimum wage is not even available in some European countries such as Spain and Greece.

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7 responses to “Proposed new min. wage could bankrupt 80% of companies, report”

  1. 316909 Avatar
    316909

    The only way the companies would be able to make it would be by raising prices and that would basically keep the living standards the same if not worst. Real Estate, Food, Services, Hotels, Restaurants and every other business would have to charge more ( like 150% more ) so we would get less tourism and the extra money earned would still have the same if not less buying power.. To improve the living standards you have to make local products cheaper by subsidizing poultry, beef, produce and commodities developed in Lebanon and only subsidize imports that we can not produce in Lebanon and raising taxes on imported things we can produce. We dont need to import beef from Brasil or Potatoes from Syria. Once food is cheaper people will not need more money. Paying people more will only drive costs up and basically nothing will change except the numbers.

  2. Avatar
    Anonymous

    The only way the companies would be able to make it would be by raising prices and that would basically keep the living standards the same if not worst. Real Estate, Food, Services, Hotels, Restaurants and every other business would have to charge more ( like 150% more ) so we would get less tourism and the extra money earned would still have the same if not less buying power.. To improve the living standards you have to make local products cheaper by subsidizing poultry, beef, produce and commodities developed and only imports that we can not produce in Lebanon and raising taxes on imported things we can produce. Once food is cheaper people will not need more money. Paying people more will only drive costs up and basically nothing will change except the numbers.

  3. Patience2 Avatar
    Patience2

    An action like this COULD be an approach by those trying to de-stabilize the Lebanese economy, not to help it.  It might be worthwhile seeing just who is behind this suggestion.

    1. 5thDrawer Avatar
      5thDrawer

      Would also be nice to see the proposal (here) before seeing the ‘dump’ on it – and what it represents in US$, since that seems to be the only currency people accept – especially the ‘under-the-table-crowd’ – although they love to give change in LLb. which has no ‘exchangability’ anywhere in the ‘west’.
      (Like … what do those useless but costly ‘work-certificates’ get you up to? 300$US a month?)

  4. Avatar
    Anonymous

    An action like this COULD be an approach by those trying to de-stabilize the Lebanese economy, not to help it.  It might be worthwhile seeing just who is behind this suggestion.

    1. Avatar
      Anonymous

      Would also be nice to see the proposal (here) before seeing the ‘dump’ on it – and what it represents in US$, since that seems to be the only currency people accept – especially the ‘under-the-table-crowd’ – although they love to give change in LLb. which has no ‘exchangability’ anywhere in the ‘west’.
      (Like … what do those useless but costly ‘work-certificates’ get you up to? 300$US a month?)

  5. ecommerce Avatar
    ecommerce

    Wow, wonderful blog format! How long have you been running a blog for?
    you make running a blog look easy. The full glance of your web site is fantastic, let alone the content material!
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