I'd have a bigger problem with the term competitive. In the UK there is this idea of a living wage, which is essentially enough to live comfortable on. In most of the country its around 7.20 pounds and hour and in London its just over 9. When I say decent wages I mean the living wage. What is competitive is harder to explain. Wages in companies can be held back by "stickiness" which can lead to a situation in which workers are overpaid relative to their productivity which means that what workers are paid isn't always determined by supply or demand.
the concept that all jobs should provide a "living wage" again becomes subjective. Who gets to define what is a "living wage"
One can try and say the poverty level but someone needs to put meat on the bone. Does a living wage mean a car less than 5 years old for each driver?
Does it mean a separate bedroom for each family member?
Must all TVs be at least 42 inches?
should they have air conditioning?
If they have children, should their salary be increased for every child they choose to have?
In other words, the person selling you tickets at the theater who has 3 children should be paid a lot more than the 16 year old teenager. Would that not be "fair" and provide the "living wage" ?