German Parliament OK's national minimum wage
Source: MSN money
BERLIN (AP) - German lawmakers on Thursday approved the introduction of the country's first national minimum wage, a triumph for its main center-left party that a long-skeptical Chancellor Angela Merkel described as a "painful" political compromise.
Most workers in Europe's biggest economy will be guaranteed at least 8.50 euros ($11.60) per hour under the legislation, which takes effect Jan. 1. Some employers will have two years to phase in the minimum wage; under-18s will be exempted, as will the long-term unemployed for six months after they return to work.
Merkel's government took the step at the insistence of her coalition partners since last December, the center-left Social Democrats. They joined the government after Merkel's conservatives won elections last year but fell short of a parliamentary majority.
Labor Minister Andrea Nahles, a Social Democrat, said 3.7 million people would benefit directly from the minimum wage, which she said "brings a bit more fairness to business and society and makes Germany stronger."
Lawmakers voted 535-5 with 61 abstentions in favor of the minimum wage Thursday.
Read more: http://money.msn.com/business-news/article.aspx?feed=AP&date=20140703&id=17750548&ocid=ansmony11
oh no it is the end of Germany /s
more at the link.
