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How are minimum wages set?
The minimum wage has never been as high on the political agenda as it is today, with politicians in Germany, the UK, the US, and other OECD countries calling for substantial increases in the rate. One reason for the rising interest is the growing consensus among economists and policymakers that minimum wages, set at the right level, may help low-paid workers without harming employment prospects. But how should countries set their minimum wage rate? The processes that countries use to set their minimum wage rate and structure differ greatly, as do the methods for adjusting it. The different approaches have merits and shortcomings.
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Publication status
- Published
Journal
IZA World of LaborISSN
2054-9571Publisher
IZAExternal DOI
Volume
211Department affiliated with
- Economics Publications
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- No
Peer reviewed?
- Yes
Legacy Posted Date
2017-09-25First Compliant Deposit (FCD) Date
2017-09-25Usage metrics
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