BERLIN, Oct. 27 (Xinhua) -- The statutory minimum wage in Germany will rise from the current 8.50 euros (9.28 U.S. dollars) to 8.84 euros per hour in 2017, the German cabinet has approved here on Wednesday.
The increase of 34 cents is based on the general development of wages, the German government said in a press release.
With regard to the labor market, the German government said the impending minimum wage increase should have "no noticeable negative employment effects."
German media Passauer Neue Presse reported this planned increase would cost companies in Germany about one billion euros.
According to the minimum wage law, the Minimum Wage Commission decides every two years on the adjustment of the level of the minimum wage. The members of the commission had unanimously decided to increase the minimum wage by 34 cents on June 28, 2016.
The minimum wage applies to around four million employees of the low-wage sector in Germany. The next increase is planned for Jan. 1, 2019.
