The best available evidence, as compiled by Neumark and Washer in their very recent survey of all the empirical studies on the effects of minimum wages, suggests the policy is entirely bad. In particular, minimum wages really hurt low-skilled people by cutting back employment. Folks advocating an increase really should point out where Neumark and Washer have it wrong. Their book is available at Amazon:
http://www.amazon.com/Minimum-Wages-David-Neumark/dp/0262141027

"Based on their comprehensive reading of the evidence, Neumark and Wascher argue that minimum wages do not achieve the main goals set forth by their supporters. They reduce employment opportunities for less-skilled workers and tend to reduce their earnings; they are not an effective means of reducing poverty; and they appear to have adverse longer-term effects on wages and earnings, in part by reducing the acquisition of human capital. The authors argue that policymakers should instead look for other tools to raise the wages of low-skill workers and to provide poor families with an acceptable standard of living. "

At the end of the day what you want for the average worker is that when he/she heads home they have a great disposable income. So things like housing needs to be more affordable.
Eric the study that you use do they also look at the excessive salaries an bonuses that some CEO and senior excutives pay themselves despite the fact that they have either underperformed or added any real growth.
I see this as a big issue in NZ. If these CEO could get there business performing they could also justify there salaries and ensure that there staff are well paid for.
Hard Work + Excellence in productivity should equal excellent salaries and wages for all. The big bosses should contract there salaries as a reflection of the environment that they are working in.