Cons of Minimum Wage The vast majority of economists believe the minimum wage law costs the economy thousands of jobs. The most fundamental principle of economics is ’supply and demand’. In the case of labor‚ this means that the supply of workers goes up as wage goes up‚ and the demand for workers by employers goes down as the wage goes up. For example‚ imagine a janitorial job was advertised for hire. If the wage were $100 per hour‚ thousands of people would want the job. If the wage were $1
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their wages. The reason is that wage really important for supporting people’s daily life. In general‚ higher wage can afford some colorful life‚ but lower wages sometimes even cannot afford a dinner for a people. Thus‚ many people and the government want to increase the minimum wage for ensure people’s basic life. In CNN NEWS website‚ the author Jeanne Sahadi reported a news about increasing minimum wage. This news states that the Berkeley Labor Commission want to increase the minimum wage to
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A. Is Tipping optimal for Employers and Employees? C.1 Economic Point of View There is disagreement among economists‚ business leaders‚ and labor activists regarding whether the tipped wage should be higher and whether tipped employees should receive a different wage than non-tipped workers. Proponents of a different wage for tipped and non-tipped workers point out that the law guarantees tipped employees the same minimum wage that other workers receive. They argue that because restaurants have very
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low skill jobs imply that the wages should be low also. The people fighting for a higher minimum wage‚ as high as $15 an hour work at a low skill job. Therefore‚ these workers should not receive a higher wage. Increasing the minimum wage would hurt the United States economy‚ do to the effects it would have on small businesses‚ young people‚ and even the general population. The effects on small businesses could be devastating if there was an increase in the minimum wage. Owners find it unbelievably
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The federal minimum was originated in the Fair Labor Standards act signed by President Franklin Roosevelt on June 25‚ 1938. The law established a minimum was of .25 cents per hour for all employees who produced goods that were shipped in the interstate commerce. The wage is equal to $4.04 in today’s market. The Fair Labor Standards Act covered about thirty eight percent of the labor force‚ mostly in the manufacturing‚ mining and transportation industries. Congress expanded the coverage and increased
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Should minimum wage be raised? I think that we should raise minimum wage There are many reasons The first reason is that it would ruin the economy. If we raise minimum wage the economy will drop down like in 2008. Most people that work minimum wage jobs anyways are in the ages between 15-20 years old. Which means that most of the people that are working minimum wage jobs still live with their parents and most of them are going to highschool and college. The workers also decided to work there
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Minimum Wage To improve your wage you need to improve your skill. Employers are wanting people with better skills. They also like it when you improve and develop skills. Employers will give you a better chance than all of your other working associates to raise your wage because you have improved yourself and really improved your skills to be better than your working associates. The skills that you could improve are like education‚ experience and natural talent. Those skills are the main ones that
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statutory minimum wage. Different parties have different point of views about it. The unionists believe setting a higher amount can help to reduce the continuously increased wealth gap in Hong Kong‚ but the businessmen worry that it will increase the operating costs of their businesses. I will discuss the pros and cons of a statutory minimum wage in the following paragraphs. For the advantages‚ firstly‚ a minimum wage can force employers to offer reasonable salaries to their employees and give
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2014 Minimum Wage in the United States The minimum wage in the United States was established in 1938 under the Fair Labor Standards Act‚ and has been amended numerous times since the original wage of $0.25 per hour; the current federal minimum wage is $7.25 per hour. The act makes it illegal to any employer to pay an employee under a federally mandated minimum wage‚ as well as regulates child labor and overtime hours and wages (DOL). In the past few years the debate on whether the minimum wage
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law 1) Work conditions for example saftey 2) Wages (National minimum wage) 3) Holiday entitlements b) List three main features of current employment legislation 1) Equality and Discrimination law 2) Employment Rights 3) Health and safety Aiii - Briefly outline why employment law exists Employment law is there in order to protect employees. To give everyone who works the oppurtunity to protect their rights. For example ensuring that employees are protected from discrimination in the workplace
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