An Overview of Wages in European Union

Abstract

Labor, the most important factor of production, expects fair compensation in exchange for their work or services. In other words, all people employed within an organization work mainly for a monetary reward. Wage is an essential element for employees, as the value of the wage highlights the value of the work performed. Special attention is paid to the minimum wage, one of the wage categories, as it leads to improving the lives of the most vulnerable categories on the labor market. Therefore, this paper aims to present the minimum wages change in Romania, that wage which ensures a decent standard of living, over a period of 20 years. The second part of the study presents the situation of Romania in comparison with other European Union member states, from the perspective of the same indicator.

Keywords

• remuneration
• pay
• labour market
• wage