Minimum Wage And The Minimum Payment Essay

Minimum Wage And The Minimum Payment Essay

Length: 813 words (2.3 double-spaced pages)

Rating: Better Essays

Open Document

Essay Preview

THE MINIMUM WAGE

THE MEANING OF MINIMUM WAGE
The minimum wage is the minimum payment to every worker is entitled, with which it has to meet their basic needs for both you and your family, which has been set at 8.38 for 2015 in the state of New Jersey. Although the objective of the minimum wage is to ensure coverage of basic needs for food, health, education, shelter, clothing and recreation worker, undoubtedly this will not meet its objectives, since the value of the minimum wage is not possible meet all these needs. For fixing of minimum wages should take into factors such as cost of living, working arrangements, the economic capacity of enterprises and the conditions of each region or economic activity. When considering the economic capacity of enterprises as a determining factor when fixing minimum wage, allows this can be fixed by mutual agreement between employers and unions, since the philosophy of the norm has been to make the interests of stakeholders and that are affected in one way or another with the minimum wage fixing, converge at a point that balances and leave everyone happy. In some states, the minimum wage has not been increased in the same proportion as the cost of living increases, so it has not really been an effective increase since the paltry increases granted, do not cover the loss of purchasing power of money in the last year. This has been a clear breach of the law contemplated in the sense that one of the factors for fixing the minimum wage is precisely the cost of living, that its effect on the quality of life of the worker must be the a predominant factor


WHO DETERMINATES IT
The minimum wage in the United States per hour, is established by the federal government with effect from July 24, 2009 is US ...


... middle of paper ...


...ry two weeks applies equally just that as you get paid every two weeks it took 80 hours, but it is exactly the same as if you worked 40 hours a week . If you work more than 40 hours per week must be paid overtime. For example, if Frank gets paid $ 10 per hour, automatically the overtime hours will get $ 15 per hour.
Exemptions from Overtime Requirements
This exemption is for employees who earn more than $455 per week, or $23,660 per year, compensated on a salary and if their jobs are:
 Executive
o Office or Non-manual work directly to the management. (Discretion and Independent judgment)
 Learned Professional
o Employee’s duties requires advanced knowledge in the area of science or learning. In other words, employees who received education at college or university
 Creative professional
o Involves Invention, imagination, originality or talent in the artistic area.

Need Writing Help?

Get feedback on grammar, clarity, concision and logic instantly.

Check your paper »

Essay about Minimum Wage Is The Lowest Amount Of Payment Permitted By Law

- Minimum wage is the lowest amount of payment permitted by law. It protects wage workers from being ripped off or taken advantage of, and if a company wishes to pay them more, then they are free to do so (Cornell University Law School). There’s a political movement that’s currently sweeping across America calling for a raise in minimum wage. Many wage workers want to make more money, which would mean redistributing the income of a company; taking some away from other aspects of the business and giving it to the workers....   [tags: Minimum wage, Employment, Wage]

Better Essays
1678 words (4.8 pages)

Minimum Wage Is Not A Living Wage? Essay

- The Minimum Wage is Not a Living Wage Anymore Should we have the minimum wage rise. Nowadays, many people argue that we should increase the minimum wage because we haven’t had an increase since 2009. People who are living on the minimum wage struggle a lot raising their families. (Webster) Minimum wage means the lowest daily or monthly remuneration that employers may legally pay to workers. On the other hand living wage means the minimum amount that a worker must earn to afford his/her basic necessities, without public or private assistance (Webster)....   [tags: Minimum wage, Wage, Living wage, Poverty]

Better Essays
1295 words (3.7 pages)

The Cost Of Minimum Wage Essay examples

- Minimum wage is generally revised to help adjust for the inflating prices, in a microeconomic prospective, it can affect businesses, individual workers and families, both in positive and negative ways (Ingram, n.d.). In the UK, the minimum wage can also help the government in numerous ways, Giles (2014) quoted that it can help “the government in improving social justice and making savings for the exchequer in welfare payments”. Having minimum wages limits the ability for firms to negotiate wages, particularly for their lowest-level employees....   [tags: Minimum wage, Employment, Wage]

Better Essays
2050 words (5.9 pages)

Essay on Minimum Wage Should Be Increased

- There have been many arguments going on whether minimum wage should be increased. This action has its pros and cons. It can benefit many families as living cost has gone up, price for education is rising, and college students are in huge debts. Minimum wage has been around for ages. Minimum wage employment was a temporary condition for people to earn little payment until they moved on to a better paying job. These jobs helped build résumés, experiences, and skills for a better career. As years went on that idea began to demolish into a job that many families can get to survive and pay for their expenses....   [tags: Minimum wage, Employment, Money, Wage]

Better Essays
711 words (2 pages)

Essay on Raising The Minimum Wage Rate

- Nationally, there is a debate within society on the issue of raising the federal minimum wage rate by the federal government. The definition of a minimum wage is the least amount for payment of an employee by a company or firm. According to Daniel B. Klein and Dompe Stewart, the wage rate required by law provides that necessary device that will decrease poverty and provide a balance for purchasing power for workers in the economy (126). Many believe that raising the minimum wage will help the economy, but studies show otherwise....   [tags: Wage, Employment, Minimum wage, Employee benefit]

Better Essays
1096 words (3.1 pages)

Minimum Wage Should Be Legal Essay

- Minimum Wage California, as of 2016, has begun to increase their minimum wage to $15.00 per hour, more than double the federal mandated wage, and New York will likely soon follow. The federal government is currently considering raising their minimum wage from $7.25 per hour to $10.10 per hour as well. While this may seem favorable at first, raising the minimum wage in America will harm the economy. Federal laws passed to raise the current minimum wage will only increase unemployment, shut down small businesses, prevent people from aspiring to higher education in life, increase the prices of products made by minimum wage workers, and encourage companies to make their products in other countri...   [tags: Minimum wage, Unemployment, United States]

Better Essays
1650 words (4.7 pages)

Essay on Why Raising The Minimum Wage Is Good

- Powerful, resilient, and valiant are often the first adjectives that come to mind when asked to describe The United States. America has persevered through many obstacles to become the most powerful nation in the world, earning and protecting the freedom that much of the world lusts for. However, success never comes easily, and even the strongest and most respected nation on Earth struggles with its fair share of problems. Asking citizens about which problems concern them the most, where the minimum wage is set often can be found at the top of the list....   [tags: Minimum wage, Wage, Employment, Working class]

Better Essays
1352 words (3.9 pages)

Essay Minimum Wage and Its Effects on the Supply and Demand Curve

- For the past few years, when people around the world talk about minimum wage, a popular question always arises in these discussions. That being, how is the demand for labor and supply of workers affected by the increase of minimum wage and what consequences are felt by this phenomenon. This essay will explain how minimum wage is defined, the concepts behind it, as well as its effect on the demand and supply curve, and why there is such a large gap between minimum wages in first world countries and third world countries....   [tags: employee payment]

Better Essays
838 words (2.4 pages)

The Minimum Wage Should Be A Starting Point Of The Ladder Essay

- The Raising of Federal Minimum Wage Minimum wage should be a starting point of the ladder to build your career. However, generation after generation see minimum wage jobs as a career and want to get paid higher dollars to flip a burger. The people who work hard to build a career by going to college get the short end of the stick. People continue to debate the pros and cons of the federal government raising minimum wage. A considerable increase in the federal minimum wage may have wide-ranging effects....   [tags: Minimum wage, Employment]

Better Essays
1987 words (5.7 pages)

Minimum Wage Should Be Raised Or Should It Be Lowered Or Eliminated Altogether?

- Minimum wage has been around for ages. Minimum wage employment was a temporary condition for people earning little payment until they moved on to a better paying job. These jobs helped build résumés, experiences, and skills for a better career. It has become the easiest way for people to receive easy pay. As years went on that idea began to demolish into a job that many families can get to survive and pay for their expenses. There have been many arguments going on, "Should minimum wage be raised or should it be lowered or eliminated altogether?" This action has its pros and cons....   [tags: Minimum wage, Employment, Wage]

Better Essays
1403 words (4 pages)