A minimum wage is the lowest remuneration that employers can legally pay their employees—the price floor below which employees may not sell their labor. Most countries had introduced minimum wage legislation by the end of the 20th century. Because minimum wages increase the cost of labor, companies often try to avoid minimum wage laws by using gig workers, by moving labor to locations with lower or nonexistent minimum wages, or by automating job functions. Minimum wage policies can vary significantly between countries or even within a country, with different regions, sectors, or age groups having their own minimum wage rates. These variations are often influenced by factors such as the cost of living, regional economic conditions, and industry-specific factors.
Germany passes first nation-wide minimum wage law – at 8.5 euros
A minimum wage is the lowest remuneration that employers can legally pay their employees—the price floor below which employees may not sell their labor.
Historical Significance
A minimum wage is the lowest remuneration that employers can legally pay their employees—the price floor below which employees may not sell their labor.
Events Before
10 people are killed, and 120 are injured in a stampede in Luanda, Angola
10 people are killed, and 120 are injured in a stampede in Luanda, Angola
Calcium deposits are discovered on Mars by NASA's Curiosity rover
Curiosity is a Mars rover that is exploring Gale crater and Mount Sharp on Mars as part of NASA's Mars Science Laboratory (MSL) mission.
Lance Armstrong admits to doping in all seven of his Tour de France victories
Lance Edward Armstrong (né Gunderson; born September 18, 1971) is an American former professional road racing cyclist.
Pope Benedict XVI announces his resignation effective February 28, becoming the first pope to resign since 1415
The resignation of Pope Benedict XVI took effect on 28 February 2013 at 20:00 Roman-Vatican Time, following Benedict XVI's announcement of the same on 11 February.
North Korea allegedly conducts its third nuclear test, claiming it is a nuclear device that can be weaponized
North Korea allegedly conducts its third nuclear test, claiming it is a nuclear device that can be weaponized
Events After
Lithuania adopts the euro as its currency, replacing the Litas and becoming the 19th member of the Eurozone
Lithuania adopts the euro as its currency, replacing the Litas and becoming the 19th member of the Eurozone
17-year-old Lydia Ko of New Zealand becomes the youngest golfer in men's or women's golf history to be ranked No. 1 in t
17-year-old Lydia Ko of New Zealand becomes the youngest golfer in men's or women's golf history to be ranked No. 1 in the world
Marvin Gaye's family wins a record $7.3 million lawsuit for music copyright infringement against Robin Thicke, Pharrell
Marvin Gaye's family wins a record $7.3 million lawsuit for music copyright infringement against Robin Thicke, Pharrell Williams, and T.I.
TV personality Kris Jenner and athlete Bruce Jenner divorce after 13 years of marriage
Caitlyn Marie Jenner, formerly known as Bruce Jenner, is an American media personality and retired Olympic gold medal-winning decathlete. Jenner played college football for the Graceland...
Barack Obama and Raúl Castro meet in Panama, the first meeting of US and Cuban heads of state since the Cuban Revolution
Raúl Modesto Castro Ruz is a Cuban politician and general who served as the first secretary of the Communist Party of Cuba, the most senior position in the one-party communist state, from 2011 to...
More from the 2010s
New FINA rules re competition swimsuits come into effect; all body-length swimsuits banned; men's suits to maximally cov
New FINA rules re competition swimsuits come into effect; all body-length swimsuits banned; men's suits to maximally cover from the waist to knee, and women's from shoulder to knee; fabric must be a "textile" or woven material
10 people are killed, and 120 are injured in a stampede in Luanda, Angola
10 people are killed, and 120 are injured in a stampede in Luanda, Angola
Dutchman Michael van Gerwen wins his first PDC World Darts Championship, defeating Peter Wright of Scotland 7-4; it is t
Dutchman Michael van Gerwen wins his first PDC World Darts Championship, defeating Peter Wright of Scotland 7-4; it is the first time no Englishman has been in the final
Lithuania adopts the euro as its currency, replacing the Litas and becoming the 19th member of the Eurozone
Lithuania adopts the euro as its currency, replacing the Litas and becoming the 19th member of the Eurozone
Frequently Asked Questions
- What happened on July 3, 2014?
- A minimum wage is the lowest remuneration that employers can legally pay their employees—the price floor below which employees may not sell their labor. Most countries had introduced minimum wage legislation by the end of the 20th century. Because minimum wages increase the cost of labor, companies often try to avoid minimum wage laws by using gig workers, by moving labor to locations with lower or nonexistent minimum wages, or by automating job functions.
- Why is Germany passes first nation-wide minimum wage law – at 8.5 euros significant?
- A minimum wage is the lowest remuneration that employers can legally pay their employees—the price floor below which employees may not sell their labor.