The Economics of the minimum wage On August 2013‚ 3.5 million Bangladesh garment workers got their 36 dollars/month minimum wage raised by 80%. This was a response of the Bangladeshi government to April´s collapse and burn of the Rena Plaza factory where hundreds of workers were killed. This was covered by the international media all over the world and forced western retailers to improve working conditions in their supplier’s factories there. 10.000 miles away from Bangladesh‚ the richest country
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For decades‚ the minimum wage has always been a heated issue that is seriously considered by the majority of people. In fact‚ in some aspects‚ an increase in the minimum wage can bring numerous benefits. Initially‚ it partly makes a significant contribution to the development of the economy by boosting the consumption as well as building up the growing speed of jobs. Secondly‚ raising the basic income causes a decrease in the number of poor employees by increasing their life expectancy. Besides‚
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explains how the wages had been increasing since 1973. The wage in the early 2000s did not meet the amount earned back in 1973. The workers chose not to quit their jobs because they would run into transportation issues. Even if they had a car to drive to and from work‚ they still had to pay for gas which took away from their salary. Employees count on the money taboo to keep their ways of income a secret. Low wage workers benefit from this because they do not want to reveal their wage compared to others
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they need are social services‚ especially education and health services on top of security. Of course government economists argue that “investing more in teachers‚ Health workers‚ police and the civil services in will increase government spending in wage bill and create inflation”. They say; hiring more employee’s or increasing workers’ pay will in effect put more money into people’s pockets‚ and therefore more money in circulation‚ increasing demand for goods‚ causing rising of prices and subsequently
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gender wage gap can account for gender wage gap? Men and women grossing difference has been an ongoing examination. In 2010 Jingyo Suh published “Decomposition of the Change in the Gender Wage Gap” in which he conducted a study investigating determinants and characteristics of changes in the gender gap between 1989 and 2005. The 1970s and 1980s were decades of remarkable economic progress for women. After a period of stagnation in the early 1970s at the low 60 percent of the average men’s wage‚ earnings
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Higher education equals higher salary? In China Youth Daily‚ a story of an undergraduate student raised uproar in society last year. A boy named Han Shengli，graduated from a university in Xi’an province，got a salary largely lower than what his father‚ a migration worker earned‚ even though he had devoted four years’ time‚ effort‚ energy and a large sum of money. A great number of people think that those with a university education should get a higher salary than those without‚ for they believe
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that employers were legally required to pay their employees overtime for certain jobs. When the law was first passed the country’s minimum wage was $0.25 per hour. The federal minimum wage applies to every state under Washington’s Constitutional authority to regulate “interstate commerce‚” but several states have passed their own laws to raise the minimum wage above the federal $7.25 level. Nineteen states have requirements higher than the federal level‚ eight states are higher than $8 per hour‚ five
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Good Afternoon Everyone! I like to take just a few minutes of your time to discuss a important matter in the economy today. Now I want everyone to picture this‚ a hardworking father whose salary ranged between 40‚000 to 50‚000 dollars a year. The single father recently was a victim of job cuts and is now laid off. The father begins immediately looking for a new job. But everyone knows in this tough economy it seems impossible. Days‚ turn into weeks‚ weeks turn into months and bills begin to pile
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Minimum Wage Minimum wage has been a very controversial topic. Nowadays people just can’t survive on minimum wage. Prices are rising but yet the pay is still the same. How do they expect us to survive on eight dollars and twenty five cents? Minimum wage workers in Chicago land locations had joined others across the country for a one-day strike‚ which was held August 29‚ 2013 outside the ROCK N ROLL McDonalds in the River North neighborhood‚ demanding their wage to be at least $15.00 an hour
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part of the world‚ millions of men and women receive unequal wages in their day to day careers. Even here in America‚ with over 77‚000 workers ("Workers Paid Hourly Rates" 1)‚ there are drastic differences between ranks. "In 2014‚ female full-time workers made only 79 cents for every dollar earned by men" ("Equality and Discrimination" 1). However‚ the diversity occurs not just between men and women‚ but also between races. The female wage gap appears largest for Hispanic and Latina women‚ who were
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