@Pisteuo if there wasn't a minimum wage then an employer can dictate any amount per hour ie: $1.00 per hour. I can't see how that is going to help anyone. The potential employee will of course reject that and find a job with better wages. You'll then probably find someone who will take that job for $1.00 because they are either a migrant worker, someone who had just done time in prison or someone living on the street. This of course, will then determine the quality of work and your country will end up like china or similar to, a third world country.
Skills and training set the wages for the worker. As the two go up so do the wages.
If it takes two years for a highly skilled person to actually finish training and learning a position... you don't want them lured away to another job paying more. So you pay what it takes to retain them.
Where employee loyalty programs can be used to help retain people...they really don't work well when huge disparities exist in pay scale. And if one goes after a huge salary disparity the others will be quick on their heels as well...so be prepared for a complete staff changeover.