Eurostat: Baltic countries have some of EU’s lowest minimum wages

Actually IMHO a better indicator would be the average gross wage wage . In Estonia this is approximately 900Euro per month.

In countries with low minimum wage the actual percentage of people earning minimum wage is quite small. They usually tend to be teenagers, young pensioners and students.

In countries with a high minimum wage (eg 1500+ per month) a higher percentage of workers are in this category and include people who are not usually teenagers, young pensioners or students.

Consequently the productivity of minimum wage earners in countries with a high minimum wage is comparatively high compared to the productivity of minimum wage earners in countries with a low minimum wage.

In countries with a high minimum wage the gross wage is approximately 50% of average wage and just over 60% of net income.

In Estonia minimum wage works out as approximately 30% of Gross average wage and approximately 33% of net average wage.

Wouldn't the unemployment rate and a free floating minimum wage ballance each other? May be this ballance will make the unemployment financial help not necessary and people will be receiving money only for work, except if they are not sick, or taking care of small kids?

Only thing what that means is that people on those countries can still sell their skills or time for almost whatever the market bears. Lifting minimum wage actually destroys jobs and living standards - it is a populist political tool than an economic tool. For the arguments sake lets imagine that high minimum wage does lift living standards. Good deal .. lets lift it to 100€/h for 2012 and 200€/h for next year. The example is extreme but demonstrates quite clearly what is actually going to happen - the jobs which are not worth doing for 100€/h or less will be shipped to another part of the world where labour cost is lower. And in the end whomever doesn´t have enough skills for at least 100€/h job will be unemployed - it is really very simple.