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The Minimum Wage - Social Determinants, Economic Foundations, Institutional Regulations

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  • Maria Sotirova

Abstract

We analytically comment some aspects of the minimum wage with an emphasis on the methods or determining its size and the possibilities for its differentiation or upgrading by economic sector. We discuss the social and economic nature of minimum wage following the classical and neoclassical economic theory where wages reflect the price of labor. We emphasise the ILO's contribution to the establishment of the minimum wage as part of the international labor order and the importance of the minimum wage as a fundamental, constitutional right and as an institution for social protection and a tool for managing wages. We also comment the methods for determining the minimum wage in Bulgaria in the context of the Proposal for a Directive on Adequate Minimum Wages in the EU.

Suggested Citation

  • Maria Sotirova, 2023. "The Minimum Wage - Social Determinants, Economic Foundations, Institutional Regulations," Yearbook of the Faculty of Economics and Business Administration, Sofia University, Faculty of Economics and Business Administration, Sofia University St Kliment Ohridski - Bulgaria, vol. 22(1), pages 259-275, October.
    • Handle: RePEc:sko:yrbook:v:22:y:2023:i:1:p:259-275
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