Read this http://www.mint.com/blog/trends/minimum-wage-08032010/
My view
A minimum wage is necessary to ensure that the lowly paid workers earn enough to be above the poverty line and should be adjusted to the cost of living. It is necessary to protect workers from being exploited due to their weak bargaining position. I remember that Hong Kong has a minimum wage. Singapore is among the few developed countries that still do not have a minimum wage.
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