Should Minimum Wage Be Abolished
Minimum Wage
Introduction
Minimum wage refers to the least remuneration on a daily, hourly, or monthly basis legally paid to employees by their employers. Similarly, it is the least wage at which workers are willing to sell their labor. Minimum wages are established by the government legislation or by a contract. This implies that paying an employee below the minimum wage is illegal. Minimum wage may, however, exist without a law. Extra-legal and custom pressures from labor unions and governments may set a minimum wage, though not legally binding (Wilson, 2012). This is done through collective bargaining. Collective bargaining is the negotiations between employees and their employers seeking to establish agreements that govern working conditions. A minimum wage plays a crucial role in today business operations as it affects the ability of businesses to hire employees.
The minimum wage rate legislation was first enacted in Victoria, Australia in 1894. Prior to this, there were efforts to control wages as trade unions were being decriminalized …show more content…
The amount of money that the state deducts from an employee should be based on the amount of wages contributed by the employer, as well as the sum the employer has already contributed to the fund and the amount of compensation the discharged employees have received from the fund. The proceeds collected from employers should be deposited in the Mandated Benefits Fund, which is controlled by each state. The Federal government should allow states to extend the time during which citizens can receive benefits. States should consider providing additional unemployment benefits to disabled workers (Fingerman, 2013). This will guarantee the employees who are disabled some streams of incomes during the periods of economic
Introduction
Minimum wage refers to the least remuneration on a daily, hourly, or monthly basis legally paid to employees by their employers. Similarly, it is the least wage at which workers are willing to sell their labor. Minimum wages are established by the government legislation or by a contract. This implies that paying an employee below the minimum wage is illegal. Minimum wage may, however, exist without a law. Extra-legal and custom pressures from labor unions and governments may set a minimum wage, though not legally binding (Wilson, 2012). This is done through collective bargaining. Collective bargaining is the negotiations between employees and their employers seeking to establish agreements that govern working conditions. A minimum wage plays a crucial role in today business operations as it affects the ability of businesses to hire employees.
The minimum wage rate legislation was first enacted in Victoria, Australia in 1894. Prior to this, there were efforts to control wages as trade unions were being decriminalized …show more content…
The amount of money that the state deducts from an employee should be based on the amount of wages contributed by the employer, as well as the sum the employer has already contributed to the fund and the amount of compensation the discharged employees have received from the fund. The proceeds collected from employers should be deposited in the Mandated Benefits Fund, which is controlled by each state. The Federal government should allow states to extend the time during which citizens can receive benefits. States should consider providing additional unemployment benefits to disabled workers (Fingerman, 2013). This will guarantee the employees who are disabled some streams of incomes during the periods of economic