When you hear high school and college students talk about their employment experiences, all they seem to say is how they don't get paid enough. I've even said that myself quite a few times. Well, in a way, they are right; but this statement does not only include that average student, it also includes many adults and families who are trying to live on minimum wage jobs. In today's society, this is almost impossible. An increase in the federal minimum wage is in the interest of the nation as a whole, although it will impose some costs.
This nation has finally realized that the time to raise the minimum wage is long past due. Federal minimum wage has not been raised in over 8 years, since September of 1997. This is only the second time that the minimum wage has remained unchanged for such a long period of time, the other period being between 1981 and 1990. At this time, the minimum wage is now only equal to about 32 percent of the average wage for private, non-supervisory workers. (Wendland)
One of the main defenses of not increasing minimum wage sooner, is that business', when forced to increase the salary and wage expenses, will move parts of their companies overseas or suffer a profit loss in general. Through the process of surveying and research, it is believed that a raise in the minimum wage to $7.25 an hour would benefit around 7.3 million minimum wage workers immediately. About 8.2 million employees who receive only about $1.00 above minimum wage would also see a wage increase. Keeping this in mind, it is also speculated that only about 12.3 percent of the U.S. workforce would receive and kind of wage increase. As it is, many states have already increased the minimum wage on the state level to more that the federal policy's minimum wage, therefore there would not be much of a change. (Wendland)
It is a proven fact that the primary cause of poverty is low wages. Through the annual study completed by the nonprofit Kaiser Family Foundation and...
...Econ 102 Research Paper
"The Minimum-Wage Controversy"
The Minimum-Wage Controversy When receiving paychecks, most employees will agree that one can never be paid enough, however, their employers may disagree with that statement and believe that they are getting paid far greater than they are entitled to. Thus creating a conflict between minimumwages. Minimumwage is the least amount of money that an employer may pay their employees. The federalminimumwage that is experienced by many members of the United States, currently is at $5.15, and is under debate as to whether or not it should be raised an additional dollar per hour, to make the minimumwage $6.15 (1). As a result of dissatisfaction with the minimumwage, debates whether or not the wage should be lifted to please more workers are currently taking place. The process to finding the perfect minimumwage to please both employee and employer are still under way, and has been an important controversial issue for many decades. For many, a raise in minimumwage would be fantastic, mainly employees. For others such as employers, they look down upon the idea of increasing the salary for their workers. The process for increasing the...
November 5, 2013
Argument Rough Draft
Do minimumwage workers deserve a better paying wage? Perhaps a wage that they are believed to be able to live off of? Will raising the minimumwage help those it really intends to? With unemployment pushing 8% nationwide and costs rising, nationwide people are pushing for minimumwage to be increased. Theminimumwage was established by Franklin Roosevelt as part of the New Deal in the 1930’s. The Fair Labor Standards Act of 1938, as stated by Jonathan Grossman on dol.gov, is what ultimately established the minimumwage nationwide for all workers. The minimumwage guarantees workers a wage that is fair for all workers. It is the lowest possible amount that an employer can pay their workers.Though it is believed that the minimumwage will help the lower class, raising it will not actually help those it intends to, but in fact raise living costs and many other expenses when the minimumwage is raised.
The problem with minimumwage is that it is not kept up with yearly. As inflation across our country increases yearly, minimumwage stays the same. With unemployment at about 8%, many people are...
...Minimumwage in Nepalese Labor Market
Minimumwage is the price floor imposed by the government for the welfare of labor. Price floor is the legal minimum on the price at which a good can be sold. It is an attempt by the government to maintain prices at other than equilibrium levels. When a government imposes a price floor, there will be two cases. One the price floor is not binding if the price floor is maintained below equilibrium price level. In this case, the market forces naturally move the economy to the equilibrium level and the price floor has no effect. In other case when price floor is above equilibrium level, such price floor is binding. In this case the market price equals price floor as government imposes such control on prices for the welfare of labors. At this point the quantity supplied exceeds the quantity demanded which results in surplus of labor i.e. unemployment. Since the supply is high some seller are unable to sell all they want at the market price. The sellers who appeals to personal biases of the buyer, perhaps due to racial or family ties, are better able to sell their goods than those who do not. By contrast, in a free market, the price serves as the rationing mechanism, and sellers can sell all they want at the equilibrium price. The impact of minimumwage rate depends on the skill and experience of workers. Highly experienced and skilled...
...Minimumwage is defined as the lowest possible income that an employer can legally pay an employee. This ensures that all people are fairly paid and not defrauded by companies or businesses. Minimumwage is now a staple in 90 percent of countries in the world (Minimum). Even with these minimums, a person’s lifestyle is hard to maintain. Sustainability, in my opinion, is the ability to keep or maintain a certain amount of physical or mental property. In this light of sustainability, minimumwage is not a sustainable amount of money in which to survive with a basic quality of life. There are many supporters and objectors to the minimumwage debate. Supporters say that increasing minimumwage increases the workers earning power and wages. Objectors say that increasing minimumwage only leads to unemployment due to small companies’ inability to pay workers. Also the increased inflation rate of goods only hurts the economy, which leads to many jobs being lost, mainly the jobs held by minimumwage patrons. Although this is a heated debate there is one thing to which both sides agree; something needs to be implemented so that workers are not exploited by businesses. Economists are exploring the viability of minimum...
A minimumwage is the minimum amount of compensation an employee must receive for performing labour. In economic term, minimumwages is the price floor of the pay of the labour that set by the government. The minimumwages rate normally was fixed by legal authority as such, it is illegal to pay an employee less than the minimumwage. Our economic transformation goal is to make Malaysia a high-income nation by 2020, with a per capita income of US$15,000 a year, however there are still around 30% of the people in Malaysia are still living below the poverty line. The general purpose for the implementation of the minimumwages is to ensure that the wages of a labour is able to meet the basic standard of live which is be at or above the poverty line so that they can survive with their salary. In Malaysia, The Prime Minister YAB Datuk Seri Najib Abdul Razak announced the rates of national minimumwages in Peninsular will be RM 900 while Sabah, Sarawak and Labuan will be RM800. This implementation of minimumwages in Malaysia was the decision under the National MinimumWages Consultative Act 2011. The national minimumwage is the first ever in Malaysia. This...
Comprehensive Analysis on MinimumWage in Indonesia
“Comprehensive Negative Impacts Analysis of MinimumWage for DKI Jakarta”
Andhika Putra Sudarman
Fakultas Hukum Universitas Indonesia
“If the MinimumWage of DKI Jakarta is set to Rp10.000.000,00, will everybody prosper?”
Laborers in DKI Jakarta demonstrating for an increase of minimumwage[][] is not a rare thing to see. The reason is because they can no longer meet their needs with their current wage. However, minimumwage has been raised for many times since it was first introduced in the 1970s. So, what exactly is going wrong in our beloved country, or the problem is within the minimumwage itself?
In this essay, the vision of why minimumwage should not be put into implementation in DKI Jakarta shall be given, for not only minimumwage law do not bring welfare to the people, instead it will cause unemployment and limit the workers’ productivity. In other words, the problem lies in the minimumwage itself.
MinimumWage Does Not Solve Poverty
If the purpose of the minimumwage is a protection to the workers so that they can prosper, it is precisely with the...
...The minimumwage is the lowest rate at which a worker can be played. There she minimumwage laws pegged to hourly, daily and even monthly rates, although U.S. law is pegged to an hourly wage. Also, a minimumwage law usually makes it illegal for a person to sell his labor for less than the minimumwage rate
The general purpose of the minimumwage is to guarantee a living wage to all workers who work a standard period of time, whatever that might be. In theory, any labor who works 40 houses a week on minimumwage should be at or above the poverty level line. However, the minimumwage has not kept up pace with the inflation in the United States and the cost of living increases more than the wage increases that are given and that way behind the standards
Minimumwage laws were first started in Australia and New Zealand in the 1890s.The first minimumwage to be law was in Massachusetts in the 1912 but it only applied to children and women. The federalminimumwage was established in 1938 by the Fair Labor Standards Act. Initially set at 25 cents an hour, the wage has been raised periodically to reflect changes in...
According International Labour Organization, Minimumwage defines as the lowest basic wage guaranteed by the law as an attempt to put a floor under the wages of a particular subgroup of working population. The progress of minimumwages policy was started after the National Wages Consultative Council Act gazette on 15 September 2011. This provision replaced the Salary Determination Council Act 1974 which is seen not effective to protect the workers welfare in general. The provision aimed to determine and standardize the wage structure for the private sectors worker in the country. This will help to reduce the dependency to the foreign worker and increase productivity per person.
The implementation of Minimumwages policy has being debated since it is announced by our Prime Minister Datuk Seri Najib Tun Abdul Razak on 30 April 2012. He said that this policy as tools to bring our nation escapes from the middle- income trap phenomena and become the higher income nation. To achieve this mission our country needs to transform the country in high and competitive country and leading in technology, training, skills and innovation. However, there is questions pounder in the mind of the people, does minimumwages policy will benefit the people? Are the employers willing to pay the rate...