Minimum wage

minimum wagesminimum-wagefederal minimum wagenational minimum wageminimum salaryminimumminimum paySMICwage controlLow wages
A minimum wage is the lowest remuneration that employers can legally pay their workers—the price floor below which workers may not sell their labor.wikipedia
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List of minimum wages by country

minimum wagecountries had introduced minimum wage legislationcurrent minimum wage
Most countries had introduced minimum wage legislation by the end of the 20th century.
]]This is a list of the official minimum wage rates of the 193 United Nations member states and former members of the United Nations, also including the following territories and states with limited recognition: Northern Cyprus, and Kosovo and other independent countries.

Sweatshop

sweatshopssweat shopsweated labour
The movement for minimum wages was first motivated as a way to stop the exploitation of workers in sweatshops, by employers who were thought to have unfair bargaining power over them.
Workers in sweatshops may work long hours with low pay, regardless of laws mandating overtime pay or a minimum wage; child labor laws may also be violated.

Minimum wage law

minimum wageWage CouncilsList of minimum wage laws
Although minimum wage laws are in effect in many jurisdictions, differences of opinion exist about the benefits and drawbacks of a minimum wage.
Minimum wage law is the body of law which prohibits employers from hiring employees or workers for less than a given hourly, daily or monthly minimum wage.

Maximum wage

wage ceilingcappedfootball maximum wage
Modern minimum wage laws trace their origin to the Ordinance of Labourers (1349), which was a decree by King Edward III that set a maximum wage for laborers in medieval England.
It is a prescribed limitation which can be used to affect change in an economic structure, but its effects are unrelated to those of minimum wage laws used currently by some states to enforce minimum earnings.

Living wage

fair wagebasic wagefair wages
While the laws governing wages initially set a ceiling on compensation, they were eventually used to set a living wage.
The living wage differs from the minimum wage in that the latter can fail to meet the requirements for a basic quality of life which leaves the worker to rely on government programs for additional income.

National Minimum Wage Act 1998

national minimum wageminimum wageNMWA 1998
In the United States, statutory minimum wages were first introduced nationally in 1938, and they were reintroduced and expanded in the United Kingdom in 1998.
National Minimum Wage Act 1998 creates a minimum wage across the United Kingdom.

Freedom of contract

liberty of contractright to contractcontract
In Principles of Political Economy in 1848, John Stuart Mill argued that because of the collective action problems that workers faced in organisation, it was a justified departure from laissez-faire policies (or freedom of contract) to regulate people's wages and hours by the law.
This is opposed to government restrictions such as minimum- or maximum-wage laws, competition laws, economic sanctions, restrictions on price fixing, or restrictions on contracting with second-class citizens or undocumented workers.

Fair Labor Standards Act of 1938

Fair Labor Standards ActFLSAFair Labor Standards
In the United States, statutory minimum wages were first introduced nationally in 1938, and they were reintroduced and expanded in the United Kingdom in 1998.
The Fair Labor Standards Act of 1938 (FLSA ) is a United States labor law that creates the right to a minimum wage, and "time-and-a-half" overtime pay when people work over forty hours a week.

Price floor

minimum pricefloor priceminimum prices
A minimum wage is the lowest remuneration that employers can legally pay their workers—the price floor below which workers may not sell their labor.
An example of a price floor is minimum wage laws, where the government sets out the minimum hourly rate that can be paid for labour.

Tipped wage

tipped minimum wagetipped employeessub-minimum wage for tipped workers
Minimum wage rates vary greatly across many different jurisdictions, not only in setting a particular amount of money—for example $7.25 per hour ($14,500 per year) under certain US state laws (or $2.13 for employees who receive tips, which is known as the tipped minimum wage), $11.00 in the US state of Washington, or £7.83 (for those aged 25+) in the United Kingdom —but also in terms of which pay period (for example Russia and China set monthly minimum wages) or the scope of coverage.
According to a common labor law provision referred to as a "tip credit", the employee must earn at least the state’s minimum wage when tips and wages are combined or the employer is required to increase the wage to fulfill that threshold.

Minimum wage in the United States

minimum wagefederal minimum wageminimum wages
To adjust for increased rates of worker productivity in the United States, raising the minimum wage to $22 (or more) an hour has been presented.
Employers generally have to pay workers the highest minimum wage prescribed by federal, state, and local law.

Collective agreement

collective bargaining agreementcollective agreementsCBA
As trade unions were decriminalized during the century, attempts to control wages through collective agreement were made.
An agreement does not prohibit higher wages and better benefits, but establishes a legal minimum, similarly to a minimum wage.

Minimum Wages Act 1948

The Minimum Wages Act, 1948minimum wage act of 1948minimum wage policy
India was one of the first developing countries to introduce minimum wage policy in its law in 1948.
This committee came up with the concept of a minimum wage, which not only guarantees bare subsistence and preserves efficiency but also provides for education, medical requirements and some level of comfort.

Market (economics)

marketmarketsmarket forces
This disagreement usually takes the form of competing empirical tests of the elasticities of supply and demand in labor markets and the degree to which markets differ from the efficiency that models of perfect competition predict.
Markets can differ by products (goods, services) or factors (labour and capital) sold, product differentiation, place in which exchanges are carried, buyers targeted, duration, selling process, government regulation, taxes, subsidies, minimum wages, price ceilings, legality of exchange, liquidity, intensity of speculation, size, concentration, exchange asymmetry, relative prices, volatility and geographic extension.

Washington (state)

WashingtonWashington StateWA
Minimum wage rates vary greatly across many different jurisdictions, not only in setting a particular amount of money—for example $7.25 per hour ($14,500 per year) under certain US state laws (or $2.13 for employees who receive tips, which is known as the tipped minimum wage), $11.00 in the US state of Washington, or £7.83 (for those aged 25+) in the United Kingdom —but also in terms of which pay period (for example Russia and China set monthly minimum wages) or the scope of coverage.
The minimum wage in 2018 was $11.50 an hour, the second highest in the country.

Employment Policies Institute

This study was undertaken by the Employment Policies Institute, a think tank funded by the food, beverage and hospitality industries.
The Employment Policies Institute is a fiscally conservative, non-profit American think tank that conducts and publishes research on employment issues, particularly aimed towards reducing the minimum wage.

Low Pay Commission

The Centre for Economic Performance found no discernible impact on employment levels from the wage increases, while the Low Pay Commission found that employers had reduced their rate of hiring and employee hours employed, and found ways to cause current workers to be more productive (especially service companies).
The Low Pay Commission (LPC) is an independent body in the United Kingdom that advises the government on the National Minimum Wage.

Social security

social security systemsocial insurancestate benefits
A basic income (or negative income tax - NIT) is a system of social security that periodically provides each citizen with a sum of money that is sufficient to live on frugally.
People who cannot reach a guaranteed social minimum for other reasons may be eligible for social assistance (or welfare, in American English).

Guaranteed minimum income

social wageMinimum Incomea guaranteed annual income
A guaranteed minimum income is another proposed system of social welfare provision.

Negative income tax

negative taxation
A basic income (or negative income tax - NIT) is a system of social security that periodically provides each citizen with a sum of money that is sufficient to live on frugally.
It is theorized that, with a NIT, the need for minimum wage, food stamps, welfare, social security programs and other government assistance programs could be eliminated, thus reducing the administrative effort and cost to a fraction of what it is under the current system.

Wage

wageswage ratelabor costs
Under the monopsonistic assumption, an appropriately set minimum wage could increase both wages and employment, with the optimal level being equal to the marginal product of labor.
Fourteen states and a number of cities have set their own minimum wage rates that are higher than the federal level.

Monopsony

monopsonistmonopsoniesmonopsonistic
However, if the labor market is in a state of monopsony (with only one employer available who is hiring), minimum wages can increase the efficiency of the market.
The most common kind of regulation is a binding minimum wage higher than the monopsonistic wage.

Alan Krueger

Alan B. KruegerKruegerDr. Alan Krueger
David Card and Alan Krueger gathered information on fast food restaurants in New Jersey and eastern Pennsylvania in an attempt to see what effect this increase had on employment within New Jersey.
Krueger developed and applied the method of natural experiments to study the effect of education on earnings, the minimum wage on employment, and other issues.

2016 Democratic National Convention

Democratic National Convention2016Democratic
Although Sanders did not become the nominee, the Democratic National Committee adopted his $15 minimum wage push in their 2016 party platform.
The platform featured a focus on economic issues, such as Wall Street reform, stronger financial regulation, and raising the minimum wage to $15 an hour.

Index of Economic Freedom

economic freedomfreest economy2015 Index of Economic Freedom
Among these are general economic conditions as measured by real and nominal gross domestic product; inflation; labor supply and demand; wage levels, distribution and differentials; employment terms; productivity growth; labor costs; business operating costs; the number and trend of bankruptcies; economic freedom rankings; standards of living and the prevailing average wage rate.