The Economics of Minimum Wage One might ask‚ what is minimum wage? Minimum wage is the lowest hourly amount an employer can pay an employee. There may be some exceptions based on the type of worker. There are two kinds of minimum wage rates‚ state and federal. Right now‚ the current minimum wage is $7.25 per hour. In some states‚ minimum wages are higher than the federal rate. Workers are paid the higher amount in those locations. Minimum wage has been a hot subject among the policy makers and
Premium Minimum wage Franklin D. Roosevelt
“Gender Wage Gap.” I chose this topic because I am a woman‚ and the thought of a man receiving higher pay than me for the same job is a very difficult thought to have. I believe that understanding the gender wage gap is very important to society as a whole. Equality for women is a perquisite for society as a whole. There has been a change in the gender wage gap since the Equal Pay Act of 1963‚ it is that the wage between women and men have decreased significantly. Although‚ the gender wage gap have
Premium Employment compensation Gender Employment
minimum wage laws. Minimum wage laws set wages above the going market-clearing wage in an attempt to raise market wages. People worry that this higher wage cost will cause employers to hire fewer minimum-wage employees than before the law was implemented. As a result‚ more minimum wage workers are left unemployed‚ creating a social cost and resulting in market failure. The minimum wage is the minimum hourly wage an employer can pay an employee for work. Currently‚ the federal minimum wage is $7
Free Minimum wage Employment
The country’s minimum wage should be increased because of the current economic condition‚ and because it has become increasingly important in this economy to have a living wage. For various reasons‚ it is necessary for the minimum wage to raise to a living wage. A living wage is a wage that is enough for a person to be able to support themselves and potentially a family without a problem. Many work in retail stores that require a lot of hard labor and yet cannot support themselves for a living when
Premium Employment Minimum wage
Minimum Wage In the United States Minimum Wage is approaching record lows. Even with recent increases inflation is one of the main reasons that workers are being paid less for labor than they were back in the Seventies. There are about 3 million workers in the United States that worked full time year round last year and still fell below the National poverty level. If everyone earns exactly the same amount of money‚ then the income distribution would be perfectly equal. If no one earns any money
Premium Minimum wage
with a minimum wage hourly rate. Many teens taking on their first job are willing to take any pay and are therefore satisfied with this rate. The current minimum wage in California is $9 and $7.25 across the United States. The minimum wage must be raised because the cost of living has gone up severely‚ the cost of education has increased‚ and it will save the government money. Since the cost of living has sky rocketed‚ it has become almost impossible to raise a family on a minimum wage job. A person
Premium Minimum wage
the low-income workers and their families whenever the government increases the minimum wage. The United States Congress adopted the Fair Labor Standards Act in 1938. Congress created the minimum wage toward the end of the Depression era to ensure a "minimum standard oPremium 2048 Words 9 Pages Macroeconomics: Should the Minimum Wage Increase? Should the Minimum Wage Increase? Minimum wage is the lowest wage permitted by law or by a special agreement that can be applied for an employee or put simply
Premium Minimum wage Employment Wage
I believe that minimum wage should be raised. One reason is it would not only be better for the worker‚ but it would also affect the worker’s families in a positive way. If a worker is bringing home more money they will be able to better support their family. They would be able to buy more groceries and necessities that the family would need. Another reason we should raise minimum wage is it would be good for the economy. If a worker were to bring home more money they would be able to spend more
Free Minimum wage Employment Economics
men graduates. Gender wage gaps in 2004 are not primarily caused by discrimination against women. Gender wage gaps are largely the result of work history‚ experience‚ industry and the choices women make. Examples would be three of my four very successfully employed Master’s degree daughters in their 30s who are now temporarily staying at home taking care of their young children. An example of the significant advances made by women in employment and wages is the annual follow-up of
Premium Higher education Academic degree Wage
2014’s annual State of the Union address‚ President Obama aggressively addressed the age-old debate of raising the minimum wage. The President has urged legislators to raise the federal minimum wage to $10.10 per hour to fight the ongoing battle of class inequality. Subsequently‚ Massachusetts legislators proposed a bill that would incrementally raise the state minimum wage to $10.50 over the next two years just weeks after the President’s address. The prospects of this proposed legislation have
Premium Minimum wage Wage United States