minimum wage discuss

  • Chapter 1: What is a minimum wage: 1.1 Definition and purpose

    Minimum wages have been defined as "the minimum amount of remuneration that an employer is required to pay wage earners for the work performed during a given period, which cannot be reduced by collective agreement or an individual contract". 1 This definition refers to the binding nature of ...

  • Advantages and Disadvantages of Minimum Wage | ROM .

    Sep 20, 2017 · Minimum wage functions similarly to a price floor so that Wm (the minimum wage) is greater than the equilibrium wage W0. At Wm, quantity demanded of labour is lower than the quantity supplied of labour, and the distance between them is known as unemployment in the labour market. Imposing a wage level higher than the equilibrium wage level will ...

  • The Advantages & Disadvantages of Minimum Wage | Career .

    Since the minimum wage only lets the agreeable pay rate go so low, the experienced and perhaps more deserving worker will not lose the job simply because someone else will do it cheaper. Sharing Of Wealth. The minimum wage forces wealthy companies to share more of the money they make with the people who helped them make it.

  • Minimum Wage - Pros & Cons

    May 09, 2019 · The federal minimum wage was introduced in 1938 during the Great Depression under President Franklin Delano Roosevelt. It was initially set at $0.25 per hour and has been increased by Congress 22 times, most recently in 2009 when it went from $6.55 to $7.25 an hour. 29 states plus the District of Columbia (DC) have a minimum wage higher than the federal minimum wage. 1.8 million .