The minimum wage should be set to the same value as the living wage[^living-wage], and should be automatically adjusted in line with that figure.
[^living-wage]: As of May 2017: £15,970.50 (£8.45 per hour) outside London, £18,427.50 (£9.75 per hour) in London. Based on 252 working days of 7.5 hours each.
The minimum wage should be replaced with Three Pillars of Income Support as advocated by the New Physiocratic League. By underwriting employment costs and guaranteeing income growth in all wage brackets, unemployment can be eliminated while simultaenously eliminating poverty.