The minimum wage was first enacted into law as part of the Fair Labor Standards Act (FLSA) of 1938. The original minimum wage applied to workers engaged in interstate commerce and the production of goods for interstate commerce. In 1938‚ this applied to roughly 11.0 million workers out of a total of 54.9 million workers. The minimum wage was set at $0.25 per hour. However‚ by 1966 the minimum wage $1.25 and applied to virtually all workers. In its beginnings‚ the minimum wage was set at a value that
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The lowest rates of minimum wage workers are situated in the Pacific region‚ with the rate being as low as 1.5 percent. Before we divulge ourselves into the research question we should discuss what exactly the minimum wage is. The minimum wage by definition is the lowest wage permitted by law or by a written agreement (such as one with a labor union). New Zealand in 1894 passed the world’s first national minimum wage law that covered all businesses and industries across the country. Once New Zealand
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risen‚ the minimum wage has remained stagnant‚ creating historic profit margins for companies that employ minimum wage workers. This uneven balance of the distribution of wealth is causing a significant amount of our population to suffer below the poverty line. Today‚ I urge you to vote in favor of this legislation in order to ensure that every single citizen of our country will be able to live a comfortable life‚ above the poverty line. The first benefit of raising the minimum wage is that such a
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“effective” minimum wage is lower than it was when Reagan was president. While some believe that raising the minimum wage will not help those below the poverty line who do not currently have jobs‚ raising the minimum wage is a good idea because if you account for inflation‚ then the purchasing power of the minimum wage is 20% lower than when Ronald Reagan was president‚ and the men and women today do not want a handout but just a fair day’s pay. We should raise the minimum wage because it is effectively
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The Minimum Wage rate policy dramatically affects U.S citizens. The amount of the wage rate‚ shapes people’s well-being; it can either benefit or hinder Americans. Currently‚ it causes a hindrance on low-income. However‚ not everyone agrees that the policy should be adjusted‚ and this is what sparks the nationwide debate. In many states across the country‚ people are protesting and petitioning against the government to increase the federal minimum wage. According to EPI (Economic Policy Institute)
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fail‚ to settle for a minimum wage paying job‚ to settle for just a high school diploma. For a while I went around believing that all I could do was the minimum required. But then I realized that I was capable of doing so much more. As time went on I realized that I did not have to live up to other’s low expectations and I started making a name for myself. I knew that studying a little harder for every test‚ joining clubs‚ volunteering‚ and running for leadership positions would later pay off. Two
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Wage Gap in America On a broader aspect‚ it says men and women are equal. Though at a bottom level‚ women are still struggling to occupy the same status as men in the outer world. Stratification between the two genders is seen everywhere including the household or the workplace. Even today‚ women still earns less as compared to men involved in the same profession. Like a male physician makes $140‚000‚ while a female in the same profession makes $88‚000. Statisticians at the US census bureau looked
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gives examples of wage differentials. Explain what is meant by the term wage differentials and analyse two reasons suggested by economic theory why wage differentials occur. Wage differentials can be defined as the differences in wage rate for different groups of people and between individuals in the same occupation. For example Premier league footballers get paid an average of £3million a year whereas a nurse who cares for people gets only around £28‚000 a year. Wages are determined by
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The Economic Effect of a Minimum Wage Increase in the Fast Food Industry A question plaguing economists in the news the last couple of years is what would the effect of a minimum wage increase be for the workforce in the fast food industry. Better yet‚ how would it affect the fast food industry itself. There have been certain areas of the country that have already increased the minimum wage for fast food workers‚ but the debate is would it work elsewhere. With the increase in the demand from the
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The “American” Dream is what most aspire to achieve when living in the United States of America. When most citizens and immigrants think of the “American Dream”‚ they see equal opportunity. However‚ in reality‚ the levels of opportunity and equality is limited to some. There are many aspects of inequalities; a prime example would be wages in the workforce. Minimum wage was first introduced as a part of Fair Labor Standards Act (FLSA) in 1938‚ starting at 25¢ an hour. In today’s society‚ 25¢ would
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