Minimum Wage In Brazil: Questions And Answers
Chapters 15
15-1: Discuss the main differences between the minimum pay regulation in the United States and one other country’s practices discussed in chapter 15.
The purpose of the minimum wage is to provide individuals with the ability to having an acceptable living standard. The concern this that if companies are made to pay out more in wages that they will not make a profit and often fight to keep the minimum wage low. The other benefits to having a minimum wage is to ensure workers can contribute to society and be a part of the economic engine. The United States established the federal standard for the minimum wage that all employers must comply with. The minimum wage provisions are in the Fair Labor Standards Act (FLSA). State that has both state and federal minimum wage laws, the employee has the ability to select the higher minimum wage that provides more coverage. Brazil as a comparison minimum wage that is calculated by the DIEESE (the Intersindical Department Statistics and Socioeconomic Studies) and it is the Federal Government that sets the minimum wage. A major difference between the US and Brazil’s minimum wage apparatuses is that in Brazil the minimum wage is adjusted yearly based on the prior year’s GDP. The US Congress …show more content…
To attack the best employees an employer must have the ability to offer competitive wages. For example, if the minimum wage is set at $7.00 per hour and an employer offering the same job with the same duties at $7.25, it is more likely the employer offering $7.25 will be able to pick the employees of their choice because they will have more people applying for the higher wage. This will allow that employer to better compete in the global economy because they will attack better human capital. Companies with better employees should have the ability to produce better outcomes in term of quality, efficiency and
15-1: Discuss the main differences between the minimum pay regulation in the United States and one other country’s practices discussed in chapter 15.
The purpose of the minimum wage is to provide individuals with the ability to having an acceptable living standard. The concern this that if companies are made to pay out more in wages that they will not make a profit and often fight to keep the minimum wage low. The other benefits to having a minimum wage is to ensure workers can contribute to society and be a part of the economic engine. The United States established the federal standard for the minimum wage that all employers must comply with. The minimum wage provisions are in the Fair Labor Standards Act (FLSA). State that has both state and federal minimum wage laws, the employee has the ability to select the higher minimum wage that provides more coverage. Brazil as a comparison minimum wage that is calculated by the DIEESE (the Intersindical Department Statistics and Socioeconomic Studies) and it is the Federal Government that sets the minimum wage. A major difference between the US and Brazil’s minimum wage apparatuses is that in Brazil the minimum wage is adjusted yearly based on the prior year’s GDP. The US Congress …show more content…
To attack the best employees an employer must have the ability to offer competitive wages. For example, if the minimum wage is set at $7.00 per hour and an employer offering the same job with the same duties at $7.25, it is more likely the employer offering $7.25 will be able to pick the employees of their choice because they will have more people applying for the higher wage. This will allow that employer to better compete in the global economy because they will attack better human capital. Companies with better employees should have the ability to produce better outcomes in term of quality, efficiency and