How are minimum wages set?

Richard Dickens

IZA World of Labor, 2023, No 211v2, 211v2

Abstract: 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 implementing 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 shortcomi

Keywords: minimum wages; wage setting; expert body (search for similar items in EconPapers)
JEL-codes: E24 J38 J88 (search for similar items in EconPapers)
Date: 2023
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Journal Article: How are minimum wages set? (2015)
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