Minimum Wage Legislation Essay - 958 Words

Minimum Wage Legislation I am going to pose the question to you the students of Sir Sandford Fleming College, do you really want the minimum wage legislation left in affect? As college students you are not benefiting or gaining anything from minimum wage legislation. The minimum wage legislation requires all employees to be paid at least some fixed given dollar amount per hour. This sounds good, but it isnt all that it seems! Minimum wage is an example of government intervention. The government has put a minimum on the dollar amount that employers can pay their employees. Unfortunately when we implement solutions like the minimum wage, it is too late to actually fix the problem, so in most cases it has effects that we cannot foresee as†¦show more content†¦With any change in the in the minimum wage the demand will decrease/increase dramatically, and exactly the opposite for skilled workers. When the minimum wage changes the demand for skilled workers remains the same regardless, but if there is a change it is very minute. Overall the amount of job opportunities are decreasing, because of the costs of labour is increasing for the unskilled worker, and it will be the unskilled workers who are the first to go in these situations because they do not have the specialized skills that make them irreplaceable. Wages are used to compensate workers for their time, skill, and money that they have invested into themselves. The trend is for higher education, which in return receives higher wages. The reservation wage of skilled workers is higher then unskilled because they would like to receive some return on their investment, their education. As college students we should be able to relate to this concept as we have put more time, effort and money in to ourselves then some others, like high school students and we should be compensated for this by of course a better rate of pay. After one year of college you should receive more then minimum wage as you have bettered your skills and invested at least $3000 to do so. This is the only direct cost, you also have to take into consideration the opportunity costs you wouldShow MoreRelatedUse the case of the recent legislation of the minimum wage to discuss the positive function and negative function of the social policy in Hong Kong society.  3029 Words   |  13 PagesHong Kong had issued an increase of the Statutory Minimum Wage (SMW) from $28 to $30. Setting SMW at an appropriate level is vital to striking the balance between the objectives of forestalling excessively low wages and minimising the loss of low-paid jobs, while sustaining Hong Kong’s economic growth and competitiveness (2012 report of the minimum wage commission, 2012). To fulfil this aim, the government have decided to increase the minimum wage rate in order for the people receiving the low-paidRead MoreEvaluation Of My Own Performance1257 Words   |  6 Pagesevaluating my own performance in the interview, providing strengths and areas for improvement. On top of that, providing information how to develop the areas for improvement. Also, this assignment will contain the assessment of legislations and regulations, also how legislations impact businesses in recruitment and selection processes. Finally, it contains retention processes. P4: Evaluation of my own performance in the interview Despite the fact that there was no time to prepare for the interviewRead MoreRaising the Minimum Wage: A Counter-Intuitive Solution Essay753 Words   |  4 PagesWhile some believe that raising the minimum wage will resolve poverty issues and lack of pay with the signing of legislation, the raising of the minimum wage to $10.10 an hour (as advocated by President Obama and the Democrats) would cause the poverty issue to be worse than it already is; inflation would occur, employees would be laid off, and minimum wage employees would lose welfare benefits, thus offsetting the wage increase. The Government should consider the effects on the American economy asRead MoreMinimum Wage Regulations Strike At The Very Heart Of The Free Enterprise System1526 Words   |  7 PagesAs a form of price control, minimum wage legislations strike at the very heart of the free enterprise system. The father of economics, Adam Smith explained in his masterpiece, â€Å"The Wealth of Nations†, that â€Å"the price system is the communication mechanism that coordinates, motivates, and harmonizes the actions of consumers and entrepreneurs†. His renown metaphor and philosophy of the â€Å"Invisible Hand† captured the idea that free-market pricing system molds individual self interest into extensive economicRead MoreThe Fair Work Commission ( Fwc ) Essay1091 Words   |  5 Pagesawards and employment contracts, has the power to control employee wages and conditions. Wages are the price paid to the labour force for its contributions in the production process. The FWC regulates if the National Employment Standards and enterprise agreements are met under the Fair Work Act (2009). Modern awards and employment contracts are arranged for the remaining individuals in order to determine their wages and conditions. Wages are also determined through the government implementation of priceRead MoreThe Minimum Wage Debate870 Words   |  4 PagesThe minimum wage debate has rec ently made a large comeback in United States politics. Contemporary studies show over 3.8 million Americans are paid at or below minimum wage (Dickinson 33). Many have looked skeptically back on past wage systems and have questioned wage’s relationship to current market inflation. In response to this inquiry, a large majority of the general population, relatively unrelated to their degree of income, support legislation to increase the minimum. However, the issue hasRead MoreSusan B. Anthony And The Equal Pay Act1014 Words   |  5 Pageswhat men were paid. The graph shows the improvements over the years and that in 2014, women were paid 79% of what men were paid. The gap has not budged since 2014. The gender pay gap has improved over the years, but it will not close until new legislation passes. Over time, the gap has changed for the better. The gap has improved for many reasons but many of them include the changes of standards. It used to be the standard for women to be housewives and if they took jobs, they were small, part timeRead MoreFair Labor Standards Act of 1938 and Fair Wages for Disability Employees1004 Words   |  5 Pagestests used to determine subminimum wages for employees with disabilities. I will then go on to discuss the history of the Fair Labor Standards Act of 1938 and how companies use a section of the legislation to get away with paying their employees with disabilities so little. And finally I will discuss the ethics behind the use of this piece of legislation and also provide a counter argument which supports subminimum wages. Employees who earn subminimum wages usually are employed to work in shelteredRead MoreRaising The Minimum Wage Of The United States1309 Words   |  6 PagesRaise the minimum wage: In the United States, studies show that women tend to make up a disproportionate share of low-wage workers. In the field of education, men tends to go more to STEM than women and that also leads to high paying jobs for men. If we raise the minimum wage, this will help hardworking women to support their families. Approximately, women made up two-thirds of all minimum-wage workers in 2012. With the current federal minimum wage i.e. $7.25 per hour, someone working full timeRead MoreHistory of the Flsa Essay982 Words   |  4 Pageshoping to avoid any future economic downturns, the government would accomplish this with paying higher wages that the employer could afford and employees could provide for their families. The History of the Fair Labor Standards Act The Fair Labor Standards Act (FLSA) is administered by the United States Department of Labor Wage and Hour Division. The Act regulates child labor, wages, and hours, it also requires employers to keep proper records and which to maintain (Bennett Ââ€" Alexander