Policies for Determining Minimum Wages and their Implications on the Development - Applied Study in some Developing Countries

Abstract

The policies of minimum wages aim to achieve social justice and thus achieve a better standard of living for workers as well as to raise the level of economic growth and as a result development in most countries of the world will be prevailed. But, it is still below the required level, especially in developing countries, which leads to an imbalance in the relationship between the amount of wages paid to the workers and the cost of living. This is reflected negatively on the process of economic development. To address this, it is necessary to find successful policy for determining the minimum wages. This research sheds the light on the concept of minimum wages with reference to experiences of the policies of determining them in (India, Philippine and Iraq) and the role of these policies on inflation, unemployment and poverty. The research concluded with a set of results and recommendations.