The concept of the minimum wage is certainly attracting a great deal of media attention. Over the last week we have seen comments on developments not only in the UK regarding this subject but also in Switzerland.
The leader of the main UK opposition, Ed Miliband, announced plans last weekend to increase the minimum wage in the UK in the event that he is successful at the next general election. Miliband was not drawn on picking a figure out of the air but his proposals marked the first occasion when Labour has actually looked at a long term link between the minimum wage and median earnings, as opposed to setting a figure in cash terms. Miliband’s proposals will seek to reach any defined target over a 5 year period.