Wage and the price of labour

Ivana Faltova Leitmanova

Acta Universitatis Bohemiae Meridionalis, 1999, vol. 2, issue 1, 5-19

Abstract: The theory says that the balance on labour market is achieved through a wage. Nevertheless, the reality is more complicated. For employers, the wage (paid in money and in kind), represents two thirds of labour costs. The issue specifically concerns the low qualified workers, especially in relation to minimum wage. The minimum wage is in the Czech Republic influenced by two factors. First, by the relation between minimum wage and average age. Second, from the national economy point of view, wages and salaries are part of employees compensations, their share on GDP is decisively influenced by the rate of economic growth and rate of inflation.

Keywords: wages; price of labour; labour costs; differentiation of wages (search for similar items in EconPapers)
Date: 1999
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