Minimum wages can be set by statute, decision of a competent authority, a wage board, a wage council, or by industrial or labour courts or tribunals. Minimum wages can also be set by giving the force of law to provisions of collective agreements. The purpose of minimum wages is to protect workers against unduly low pay. They help ensure a just and equitable share of the fruits of progress to all, and a minimum living wage to all who are employed and in need of such protection.
India’s Minimum Wage Structure: A Brief Explainer
India’s Minimum Wage Structure: A Brief Explainer - India Briefing News
A minimum wage is a legal minimum for workers. It means workers are guaranteed a certain hourly wage — helping to reduce relative poverty. However, a minimum wage could have potential disadvantages — in particular, there is the risk of creating unemployment as firms cannot afford to employ workers. Firms in labour-intensive industries will be most affected. For example, hairdressers and cleaning companies will see a proportionately more significant increase in their wage bill. Milton Friedman, a free market economist was critical of minimum wages. In , he wrote a critique of the minimum wage.
THE CODE ON WAGES, 2019
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There is no single national minimum wage in South Africa. Minimum wages are set at the sectoral level and area level. Minimum wages are set for vulnerable sectors; the sectors, which have low union density or where market wages are quite low. Sectoral determination for setting minimum wages is done in consultation with the Employment Conditions Commission. The Employment Conditions Commission advises the Minister of Labour on various issues including sectoral determinations regarding minimum wages.