We just had a residents meeting at our apartment complex last weekend which mentioned the affects of the min wage laws, and the renewal of our existing security staff deployment contract ( expires may 2009 ) of 26 staff for our 292 apartment complex. It costs us $256,000 ( combined ) per month or roughly $876 odd worth of our monthly management fee contribution ( the largest single cost ). The increased staff member salary from the existing $6200 salary per month, will be $8600 per month from next year. As you can imagine, nobody was happy about accepting an increase, so a reduction of staff, via improved electronic alternatives is going to be implemented. Octopus card or our existing car park electronic key pass, to operate all foyer doors and activate lifts, and much more advanced CCTV via a master control room installation. The proposed security improvements will eliminate 9 staff.
Now, if our apartment block is going to update its security system ( CCTV ) and cut staff, i'd say its probably what everybody else is going to do also...
Sounds like a great boom business for CCTV firms, as some industries will cut staff, some will hire more, as new industries thrive...
I don't believe that a min wage situation is going to be all that detrimental, long term its the right thing to do, and HK people always adapt....