Pros of minimum wage

Topics: Employment, Wage, Minimum wage Pages: 1 (418 words) Published: November 3, 2014

Minimum Wage – Pro Side
BCOM/275October 28, 2014Minimum Wage – Pro Side
A wage is a compensation, usually thru an agreement (contract) between employees and employers for the performance of a work. Numerous variances happen in wage rates. One important reason is that labor is not a consistent factor. Each worker is a unique aspect of production possessing a distinctive set of work characteristics. “The goal in establishing minimum wages has been to assure wage earners a standard of living above the lowest permitted by health and decency. The minimum has been set by labor unions through collective bargaining, by arbitration, by board action, and, finally, by legislation. (The Columbia Encyclopedia, 2013). Without minimum wage, the employers would pay whatever they wanted, based solely in the work that was being performed. The Fair Labor Standards Act, passed by US Congress in 1938 was the first step towards rights for the employees, the Act would guaranty that the employers would pay fairly to all and the employees would have a minimum amount of money to survive. The Fair Labor Standards Act has been amended innumerous times in subsequently decades. Each State has their own minimum wage and that is based on the economy of the area. Researchers at Florida International University who study the work force say a rising minimum wage tends to nudge up pay scales for all low-income workers, and creates more jobs by stimulating the economy (William E., 2014). Learning, training and knowledge are also important features on the work environment. The capacity of the employees to complete responsibilities and prepare hard to work, their strength and their manual or mental skills will also differ. Because of the variation in employment characteristics, the wages that they are paid tend to show great differences. The inconsistencies in environments and sources, demands that the market give rise to different prices, therefore the variances in existence of wages. Minimum...

References: Minimum wage. (2013). In The Columbia Encyclopedia. Retrieved from http://search.credoreference.com.ezproxy.apollolibrary.com/content/entry/columency/minimum_wage/0
Gibson, W. E. (2014). Obama 's proposed minimum wage of $10.10 would help a million Florida workers. Retrieved from http://articles.sun-sentinel.com/2014-01-12/news/fl-push-to-raise-wages-20140112_1_minimum-wage-tipped-workers-economic-policy-institute
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