Busi 620 Research Paper The Economical effects of Minimum wage
The Economical Impact of Increasing Minimum wage
BUSI 620
Liberty University
Dr. Gerald
Introduction
A wage is the set payment that is generally paid on weekly or daily schedule and given to an employee by an employer. Minimum wage is the minimal amount of compensation an employer can legally pay employees on monthly, weekly, daily, or hourly basis. The minimum wage is set mostly by the government in an attempt to standardize the periodic pay amount below which workers cannot be compensated with by their employers. New Zealand was one of the first countries to introduce and enact laws that govern minimum wage. In Victoria Australia Minimum wage was forced upon six different companies that paid low wages when the Factories Act was amended to allow establishment of the wages board in 1896. A universal standard minimum wage was not set. In 1909 Britain President Winston Churchill introduced and enacted Trade Board Act. In 1938 America introduced minimum wage Statutory. In some states they were enacted as proactive laws since 1912 which were later ruled out to be illegal. Many countries have since set a minimum wage although, in countries such as Italy, Germany and Austria they are dependent on the trade unions and employer groups to set the minimum wage for them. In United States, there are several states that have set their own minimum wage considerably above that of the federal government.
What is Minimum Wage?
“Minimum-wage legislation exists in every province and territory as part of employment standards legislation. The minimum wage is the lowest pay rate employers can pay employees covered by the legislation” (Minimum Wage, 2010). Before and during the Great Depression of the 1930’s, workers were exploited and forced to work in unfit conditions for next to nothing in order to try to put food on the table for their family. There had been attempts by the Labor Union prior to this time period, to mandate some sort of uniformity with no
BUSI 620
Liberty University
Dr. Gerald
Introduction
A wage is the set payment that is generally paid on weekly or daily schedule and given to an employee by an employer. Minimum wage is the minimal amount of compensation an employer can legally pay employees on monthly, weekly, daily, or hourly basis. The minimum wage is set mostly by the government in an attempt to standardize the periodic pay amount below which workers cannot be compensated with by their employers. New Zealand was one of the first countries to introduce and enact laws that govern minimum wage. In Victoria Australia Minimum wage was forced upon six different companies that paid low wages when the Factories Act was amended to allow establishment of the wages board in 1896. A universal standard minimum wage was not set. In 1909 Britain President Winston Churchill introduced and enacted Trade Board Act. In 1938 America introduced minimum wage Statutory. In some states they were enacted as proactive laws since 1912 which were later ruled out to be illegal. Many countries have since set a minimum wage although, in countries such as Italy, Germany and Austria they are dependent on the trade unions and employer groups to set the minimum wage for them. In United States, there are several states that have set their own minimum wage considerably above that of the federal government.
What is Minimum Wage?
“Minimum-wage legislation exists in every province and territory as part of employment standards legislation. The minimum wage is the lowest pay rate employers can pay employees covered by the legislation” (Minimum Wage, 2010). Before and during the Great Depression of the 1930’s, workers were exploited and forced to work in unfit conditions for next to nothing in order to try to put food on the table for their family. There had been attempts by the Labor Union prior to this time period, to mandate some sort of uniformity with no
References: Hoffman, S. D and Trace, D. M. (2009). NJ and PA Once Again: What Happened to Employment when the PA–NJ Minimum Wage Differential Disappeared? Eastern Economic Journal Leonard, T. C. (2000). The Very Idea of Applying Economics: The Modern Minimum-Wage Controversy and Its Antecedents, History of Political Economy 32: Minimum wage. (2010). Perspectives on Labor and Income, 22(2), 60-68. Retrieved from http://search.proquest.com/docview/609479617?accountid=12085 Waltman, J. (2000). The Politics of the Minimum Wage. University of Illinois Press.