A minimum wage is usually set above the equilibrium price (otherwise, there would be no need to set one). This means that workers who have a particular skill will be paid more <em>if hired</em> than they would have been at equilibrium. However, the rise in salary means that businesses most likely will not be able to afford the same number of employees. Therefore, while the salary for employed workers might rise, unemployment might rise with it.
Cost To Company (CTC) salary packages include all costs to the company for employing you (i.e. their portion of the medical aid contribution, pension fund, travel allowance, cell allowance, and so forth). This is usually broken down for you to see at offer stage.
