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How are minimum wages set?

journal contribution
posted on 2023-06-09, 08:04 authored by Richard DickensRichard Dickens
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.

History

Publication status

  • Published

Journal

IZA World of Labor

ISSN

2054-9571

Publisher

IZA

Volume

211

Department affiliated with

  • Economics Publications

Full text available

  • No

Peer reviewed?

  • Yes

Legacy Posted Date

2017-09-25

First Compliant Deposit (FCD) Date

2017-09-25

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