Thoughts turn to the workers in May

THE first of May is celebrated in most countries in the world as International Workers' Day or, simply, May Day. On this national public holiday to honour the workers of the world, I felt inspired to study and recap the history of the minimum wage. My purpose is to give an objective account of the pros and cons of the minimum wage.

The minimum wage is the minimum amount of remuneration which an employer is required to pay his workers, for the work performed during a given period. This wage can be an hourly, weekly or monthly one, and cannot be reduced by collective agreement or individual contract.

The minimum wage has four objectives: