Frem for boosting purchasing power along with competitiveness of local product
August 1, 2011- The Chairman of the Association of Lebanese Industrialists, Neemat Frem, said that increasing wages is not the point, but that the target is to reinforce the purchasing power of workers.
Following a visit to the Minister of Economy and Trade, Nicolas Nahas, Frem said that boosting the purchasing power should be paired with enhancing the competitiveness of the manufacturing sector.
The General Labor Confederation has been calling for a raise of the minimum wage to $800. Business groups have criticized the call saying that the economy is suffering enough burdens already.
“The issue still needs in-depth deliberations as reducing the price of commodities would result in cutting job rates,” said Frem.
According to Frem, consumption in the local market has recoiled by 15 percent during this year. “We don’t want the prices to be affected if the minimum wage was reformed,” he said.
Date Posted: Aug 01, 2011