What is the history of minimum wage in other countries?

What is the history of minimum wage in other countries?

Minimum wage laws vary widely across countries. For instance, Australia introduced a national minimum wage in 1997, while the UK established its minimum wage in 1999. In contrast, some countries like Sweden do not have a statutory minimum wage but rely on collective bargaining.

How do these laws impact the economy?

Minimum wage laws can have both positive and negative effects on the economy. They can help reduce poverty and increase consumer spending, but some argue they may lead to higher unemployment rates if businesses cannot afford to pay the increased wages.

Which countries have the highest minimum wage?

As of 2023, countries like Luxembourg, Australia, and France have some of the highest minimum wages in the world, often exceeding $10 per hour.

Are there any countries that have abolished minimum wage?

Yes, countries like Sweden and Denmark do not have a national minimum wage, relying instead on collective agreements between employers and unions.