Foxconn, the world’s biggest contract manufacturer of electronics with one of their most famous clients being Apple, has some good news not only for their workers, but for the world as well. Basically, Foxconn announced that they will be introducing a pay raise for its workers in China from this month onwards, marking this as the third increase since 2010. That ain’t too shabby actually, considering the kind of economic turmoil that the world is in these days. From February 1st onwards, pay rose by 16% to 25%. Still, what the workers are getting there is peanuts compared to those living in first world countries – we are looking at a junior worker in Shenzhen bringing home 1,800 yuan ($290) compared to 900 yuan three years ago.
This is not a blanket wage increase though, as Foxconn will raise monthly salaries to over 2,200 yuan for those who managed to pass their technical examinations. I guess the risk-reward system might have its cons, but at least you more or less know that everyone gets what they deserve in terms of commitment, effort and talent. Did I miss any other criteria out?