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you are here:
> Article 74
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V. General Operations, Standards and Systems
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| 5.5 Trade and Industry Standards | ||
| Article 74-Minimum wages and awards | ||
| 74.1 | Minimum wages and awards | |
| While the Members of the Bank respect the free and fair mechanisms of a dynamic and open market to set the competitive level of prices and wages, it is encumbered to government to ensure the determination of what is considered the minimum wages and what is fair. | ||
| It shall be a primary goal of the Bank to ensure Members set the minimum wage standards for all their members and that this minimum wage is justified in being raised progressively as living standards increase. | ||
| While labour costs represent a major cost input for all employers, the Bank shall achieve such objectives without unduly penalising employers and industry by constantly seeking to streamline the cost of doing business so that trade-offs in improving the minimum wage for all workers can be achieved without unfairly penalising companies. | ||
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