Research On Adaptability Of Minimum Wage In China

The Minimum Wage System has a century-old history to become the government meams to interfere with employment relations and protect the rights of low-income people.The Minimum Wage Theory has been the focus of administrators、economists and scholars since it was born.Since 1993,China has formulated the minimum wage system based on international rules.To a certain extent,it has protected the legitimate rights and interests of low-income workers,safeguarded social fairness and justice,and promoted harmonious social development.However,The Minimum Wage System in our country started late with problems of insufficient coverage,lack of effective supervision and insufficient legislation.More and more scholars in China have focused their attention on The Minimum Wage in China and tried to study the impact of The Minimum Wage on economic output,unemployment rate and enterprise efficiency in China.Among them,the adaptability of the minimum wage has become one of the hot research directions.This article first collects relevant literature both at home and abroad,summarizes the relevant research in the area of minimum wage,and explores its own research methods and ideas.Then find the relevant concepts and theories about the minimum wage to build a more comprehensive theoretical basis.Based on the status quo of the minimum wage in our country,the paper analyzes the adaptability and points out the existing defects.Then,combined with China’s "minimum wage" and other related documents,selected seven indicators as variables,collected data from 2008 to 2014 in 31 provinces,the use of factor analysis and panel model for empirical research.Finally,this paper puts forward:(1)China’s minimum wage is less adaptive and should be modestly increased;(2)Economic factors have a greater impact on the minimum wage,which is the most important factor in setting minimum wage in all regions;(3)The empirical study found that per capita income,per capita GDP and household consumption level have a positive correlation with the minimum wage,while the unemployment rate,the maintenance coefficient and the annual average profit of enterprises have a negative correlation with the minimum wage;(4)The minimum wage in economically developed areas More difficult to meet the needs of low-income groups;(5)China’s current minimum wage did not meet the provisions of Marx’s minimum wage inclusion.In view of the above conclusion,we put forward some suggestions such as raising the level of legislation,perfecting the supervision mechanism and establishing a dynamic adjustment mechanism according to the actual situation.