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Money Next step in the minimum wage: Clarity about adjustment

07:40  30 june  2020
07:40  30 june  2020 Source:   tvmovie.de

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The minimum wage is one of those topics which tends to create a lot of attention. Those in favor argue that it will help the economy. After 30 years, having worked with some of the largest firms in the world, I will attempt to lift the veil and take you behind the scenes of the financial services industry.

Wage Adjustments . Employers must adjust the wages they pay employees upward over time to ensure that employees are able to enjoy the same standard of living over time. For example, if prices in the economy double over the course of five years, wages must also double or employees will not

Around five years after the introduction of the minimum wage in Germany, employees and the business community will get clarity about the next adjustment on January 1, 2021.

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The responsible independent commission today presents its recommendation. The unions recently called for a noticeable increase in the general wage floor, which is currently at 9.35 euros per hour. Employers are warning of excessive increases in the face of the strain on many companies in the Corona crisis.

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Adjusting minimum wage rates is typically done in one of two ways: (1) legislatively scheduled rate Next , the report discusses the interaction of federal and state minimum wages over time, and finally In the states with no minimum wage requirements or wages lower than the federal minimum wage

Knowing how many people actually earn a specific minimum wage , is not a very valuable piece of information. A much better statistic would be the relative trends in the minimum wage , and its comparison to the poverty thresholds.

After several boom years, the minimum wage recommendation is also eagerly awaited in view of the economic slump due to the pandemic. Basically, the commission, made up of representatives of employers, trade unions and academia, is guided by the past development of wages. According to legal stipulations, the “overall consideration” should then bring together the minimum protection of employees, fair competitive conditions and the big goal of not endangering employment. There is a certain amount of leeway in what exactly is included in the calculation.

FDP labor market expert Johannes Vogel told the editorial network Germany (RND) with regard to this procedure: «Now, in times of the first economic crisis since its introduction, it will become clear how crisis-proof the whole thing is.» It is all the more important to defend the independence of the Commission. Left-wing parliamentary group leader Dietmar Bartsch said to the RND: «The minimum wage has to rise significantly. We need at least 12 euros an hour. » It is currently "a poverty wage that you cannot live on decently and that leads to poverty millions of years old".

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Because the federal minimum wage is not fixed for inflation, its purchasing power has dropped considerably - The minimum wage in 1968 was .60, which is equivalent to Small business owners can't afford to pay their workers more, and therefore don't support an increase in the minimum wage .

Minimum wage laws prevent cuts in the lowest wage rates. These institutional arrangements mean that the money wage rates paid to labour adjust The macroeconomic adjustment process calls for a change in the average money wage rate across the entire economy. That is a more complex process

The federal government must implement the future minimum wage by ordinance. It is usually based on the Commission's proposal. The statutory minimum wage was introduced on January 1, 2015 at an amount of EUR 8.50. Recently there had been an increase in two stages: to 9.19 euros as of January 1, 2019 and to the current 9.35 euros as of January 1, 2020.

However, the starting point for the calculation for the next stage should be 9.29 euros lie, as the Commission had already announced. Because the previous increase had already included a wage agreement for the civil service, which is now to fall out again. It must be shown how close the future minimum wage of the brand of 10 euros could come. Data from the Federal Statistical Office on tariff increases in the past two years are a key calculation basis. In February it became known that on this basis - purely mathematically - 9.82 euros could be achieved on this basis.

The statutory minimum wage applies to all adult employees - except for the long-term unemployed after starting work in the first six months. It also does not apply to trainees, people with mandatory internships or internships of less than three months. In addition, there are minimum wages in several industries that are above the lower wage limit.

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