Նվազագույն աշխատավարձի սահմանման հիմնախնդիրները համաշխարհային տնտեսությունում / Issues of Setting the Minimum Wage in the Global Economy

Abstract

In a market economy, the setting of a minimum wage is one of the main instruments of state regulation of wages. When determining the cost of labor, this makes it possible, in accordance with the procedure established by law, to limit the possible arbitrariness of the employer. The setting of a minimum wage has very important economic consequences, they are: an effective means of eliminating the exploitation of labor, increasing the purchasing power of the population, strengthening economic stability, forming a fair wage system and overcoming unfair competition. This paper examines and presents the mechanisms for setting the minimum wage in a number of developed countries of the world, a comparative analysis with such developing and transitional countries as China, the Russian Federation, the Republic of Belarus, Georgia and Armenia. The conducted research made it possible to identify changes that have occurred in previously applied and currently used approaches to setting the minimum wage, to analyze the compliance of labor legislation requirements between the minimum wage and the living wage.