How is it traditionally defined the minimum wage legislation in economics? And which countries does not have a minimum wage legislation as defined in these terms?
$\begingroup$
$\endgroup$
2
-
1$\begingroup$ Welcome to Econ.SE! What do you by "defined"? Are you referring to how it is stated in the legislation? The wording? $\endgroup$– luchonachoCommented Aug 4, 2017 at 8:38
-
$\begingroup$ What can be considered a minimum wage policy for economics, because some countries talk about minimum per hour, or monthly, and there might be other differences. I am also interested to know if there is a country with no definition and legislation regarding minimum wage. $\endgroup$– Anderson ChavesCommented Aug 4, 2017 at 9:16
Add a comment
|
1 Answer
$\begingroup$
$\endgroup$
0
It depends. Some countries use hourly wage (Australia, Morocco, UK, US), other use daily (Mexico), other monthly (Argentina, Brazil, Chile, Colombia, France, Peru, Spain), others annually (Bolivia). (this is not an exhaustive list)
Countries without a minimum wage established by law are: Denmark, Iceland, Italy, Norway, Sweden, Switzerland. They do however have minimum wages negotiated at the trade union level, even at industry level.
Given this information, the "traditionally" adjective you are using is not very helpful.
answered Aug 4, 2017 at 9:32