Minimum wage is the lowest hourly wage employers can legally pay their workers. This is dictated by federal, state and local laws; the amount is currently set at $7.25 an hour but states can choose to set their own. In cases where federal and state minimum wages do not match, employers are required to pay the higher amount. Paying someone less than minimum wage is illegal.
Minimum wage was first established when Congress passed the Fair Labor Standards Act in 1938. This piece of legislation signified an important shift in labor policy – for the first time in history, American workers were legally entitled to a fixed minimum amount of pay. Currently, only those employers with revenues exceeding $500,000, plus government agencies, schools, hospitals, nursing homes and those engaged in interstate commerce are required to abide by minimum wage laws.
Millions of Americans work at minimum wage, although it is usually not enough to support a comfortable life. For this reason, many people have recommended replacing minimum wage with a “living wage.” A living wage should keep full time workers above the federal poverty level and is determined by the average cost of living in an area. Proponents of the living wage claim that minimum wage, while mandated by law, does not provide the average American with the means to live. This means that minimum wage workers cannot (or barely) afford medical, automobile, renters’ or homeowners’ insurance. Other opponents of minimum wage claim it is discriminatory because it prevents employers from hiring unskilled people.
In 2020, minimum wage is slated to increase in more than 20 states across the U.S. More than half the country’s population is expected to benefit from this raise.
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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
Minimum wages is a legality that is imposes by the government in the labour market which means employers are not allowed to pay the employees under the wage impose by the government. This is happen to the workers in Minionland where the minionion government announced the minimum wages to be increases to M$900 per month due to the increase of living cost of the country. The new rate of wage represents 18.8% increase that affecting 128500 low-skilled workers in Minionland . Diagram below shows the
"The minimum wage is something that F.D.R. put in place a long time ago during the Great Depression. I don't think it worked then. It didn't solve any problems then and it hasn't solved any problems in 50 years." -- John Raese For many years it has been a matter of conventional wisdom among economists that the minimum wage causes fewer jobs to exist than would be the case without it. This is simply a matter of price theory, taught in every economics textbook, requiring no elaborate analysis to
on minimum wage, but this is the harsh reality for many Americans. Minimum wage was set for workers, so they will not get under paid. Over the recent years, people are wanting to increase the minimum wage to put more money in their budget. That it will help bring people out of poverty and into a middle class citizen. Thus, this might be possible, but many say not without some serious consideration. There will be many consequences with increasing minimum wage. Although increasing minimum wage will
A federal minimum wage was first set in 1938. The first minimum wage was just 25 cents an hour in 1938. Can you imagine surviving off of 25 cents an hour? Now just over 70 years later the federal minimum wage is now 7.25. The question at hand is the federal minimum wage enough to meet the minimum requirement for a good, happy and healthy life? Some states and cities say no. While a select few states and cities have mirrored the federal minimum wage of 7.25, some states have placed their state or
is, it’s hard to live on a minimum wage job. In fact, many individuals must have at least two jobs to keep the bills meet. So, President Obama is trying to get Congress to pass an increase in the minimum wage. However, Congress refuses to raise the minimum wage. I agree with Congress, that we should not raise the minimum wage because these jobs are mainly for high school students and more people wouldn’t be able to hire people. Facts, do support the fact minimum wage should stay where they’re
inclines, especially towards the poor and those becoming more educated with college. This is why I, for one agree with President Obama on raising the minimum wage to $10.10 an hour. Raising the minimum wage slightly from $8.25 to $10.10 (only $1.85 increase) will have a huge impact on Americans today and even future Americans. Increasing the minimum wage to $10.10 an hour will aid millions researchers say, through the economic values of food prices, small businesses unemployment rates, college students
that minimum wage should be raised. Mostly because of the fact that most of the people that works out in retail and restaurants are getting paid by the minimum wage at the least, most likely most people’s first job and it would also help those kind of people since they could probably be having troubles with the amount of money they get now. The minimum wage should be risen to at least ten to nine dollars an hour, either one of those two amounts or between the two amounts. The minimum wage was created
decades, the minimum wage has been on going topic that the economists and the policy makers has been debating on. Indeed, It is still an open issue and the policy makers still debating on increasing it. The first Country that passed the minimum wage policy was New Zealand in 1984, and a lot country followed. President Roosevelt passed the first minimum wage in 1938, the minimum wage was 0.25 when the Roosevelt passed, and it has been increased as the living expense went up. The minimum wage is measured