Note: Single-source report; awaiting corroboration.
According to the OECD, minimum wages can help reduce losses in purchasing power and ensure a fair distribution of inflation costs between firms and workers. The organization recommends that governments regularly adjust statutory minimum wages to keep pace with inflation.
The OECD notes that inflation has reached levels not seen in four decades and has disproportionately affected the poorest households. Despite this, minimum wages have often failed to keep up.
Currently, 30 of the 38 OECD member countries have statutory minimum wages. In the eight countries without a statutory minimum wage—Austria, Denmark, Finland, Iceland, Italy, Norway, Sweden, and Switzerland—sector or occupation-level collective agreements serve as de facto wage floors for many workers.