According to the Labor Code, minimum wage must also be based on NEEDS of workers, their families

What are the relevant factors to consider in fixing minimum wage? The minimum wage rates to be established by the Regional Board shall be as nearly adequate as is economically feasible to maintain the minimum standards of living necessary for the health, efficiency and general well-being of the workers within the framework of national economic and social development goals. In the determination of regional minimum wages, the Board shall, among other relevant factors, consider the following:
Needs of workers and their families
  1. Demand for living wages;
  2. Wage adjustment vis-à-vis the consumer price index;
  3. Cost of living and changes therein;
  4. Needs of workers and their families;
  5. Improvements in standards of living.
Capacity to pay
  1. Fair return on capital invested and capacity to pay of employers;
  2. Productivity.
Comparable wages and incomes
  1. Prevailing wage levels.
Requirements of economic and social development
  1. Need to induce industries to invest in the countryside;
  2. Effects on employment generation and family income;
  3. Equitable distribution of income and wealth along the imperatives of economic and social development. 

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