Global sourcing costs continue to increase, and rising labor costs are at the forefront of the uptick. This year saw more wage strikes, resulting hikes and general unrest among workers when rates weren’t sufficiently raised. But despite discontent among the workforce, wages are up worldwide and labor will be more costly in 2015. However, industry experts predict that lower costs of inputs, like cotton, which has hit five-year lows in pricing, could offset some of the increase in labor rates. Speaking at the Sourcing Journal Summit in September, chief supply chain officer for PVH Bill McRaith, said with all things considered, including rising labor costs around the world, namely in China where labor costs have gone up between 10 and 15 percent per year, when you start to factor in companies working toward increasing efficiency and lean manufacturing, for example, people should start to see better prices. Whether lower inputs will alleviate rising labor costs remains to be seen, but here’s a look at which countries saw wages go up in 2014. Cambodia After months of unrest and unsettled pay rates, Cambodia’s Labor Committee said in November it would increase the monthly minimum wage for garment workers by 28… Read full this story
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