Minimum wage as a tool of the household income regulation

The article highlights the basic mechanisms for setting the minimum wage in the world,i.e. centralized and decentralized. Differences in the use of mechanisms for establishing the value of the minimum wage in the regions of the world are considered. The systems for determining the rates of the minimum wage in the regional context have been studied. It has been established that the widespread and active use of the minimum wage confirms its importance in regulating the differentiation of household incomes.