PRODUCTIVITY OF LABOR ORIENTED WAGE POLICY

George Chobanov ()
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George Chobanov: Faculty of Economics and Business Administration, Sofia University St Kliment Ohridski

Yearbook of the Faculty of Economics and Business Administration, Sofia University, 2012, vol. 10, issue 1, 251-279

Abstract: Main objective of productivity oriented wage policy is the achievement of full employment with price stability preserved. The basic principle of productivity oriented wage policy states that wage has to be increased in the same rate as productivity of labor increases. In this case, increase of wages can not cause inflation. For practical implementation of productivity oriented wage policy limitation guide lines are introduced. Guide lines are designed for employers, employees and government as limitations in their agreements. At labor market they concern changes in wages, social security, working time etc., at public goods market they are for public expenditure, taxes, social costs, at money market limitations on monetary base are imposed.

Keywords: productivity; wage policy; guide lines; limitations; employers; employees; government. (search for similar items in EconPapers)
Date: 2012
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