The current Vice-President of the European Commission Mr. Timmermans openly says that a minimum wage of 60% of the median wage should be paid in the EU. In addition, the European Commission launched consultations with trade unions and employers on EU minimum wage rules in January.
The main mechanism that relates human freedom to economic growth is channeled through institutional and economic factors, such as government effectiveness, investments, and trade. Therefore, institutions are an important determinant of economic prosperity in countries worldwide.
Many labor market regulations were created with large mid-20th century manufacturing plants in mind – which is the spirit of the Polish Labor Code of 1974. However, along with the process of industrial automation as well as the growth of employment in services, the economic reality has changed.
The football business shows well how underestimating a well-performing and efficient player can bring other costs. The player may either simply leave for another team, or, if restricted with a contract – underperform to the level only required by the payment.
For the third year in a row, the Lithuanian Free Market Institute and its partner organizations present the Employment Flexibility Index 2020 that ranks a total of 41 countries that are members of the European Union (EU) or the Organization for Economic Cooperation and Development (OECD).
The Slovak pension, education, and health systems and services should not depend on the government holding power at any given time. Instead, a fundamental political consensus is required. Better than calls from abroad for Slovakia to behave more rationally, the nation itself must come to its senses.
The European Commission proposes an extension of price reporting for most agricultural products in all its variety for all economic actors of the value chain on weekly and monthly bases. According to the EC, this measure will address a lack of transparency and information asymmetry in the food supply chain.
The Western Balkan countries already have plans for bold and deep institutional reforms that will not only liberalize and deliver a boost to their economies, but will also, most importantly, significantly improve the level of freedom enjoyed by the people in the region.
The fall of the Berlin Wall on November 9, 1989, was not only the beginning of the reunification of the Germans, it was also one of several events that in the months and years to come would have more than 100 million people, including Estonians, successfully turn their back to communism.