minimum wage

Examples of minimum wage in the following topics:

• Fair Labor Standards Act

  • The Fair Labor Standards Act of 1938 established a national minimum wage, forbade "oppressive" child labor, and provided for overtime pay in designated occupations.
  • Police officers, fire fighters, paramedics, and other first responders are also entitled to overtime wages and minimum wage pay.
  • Covered nonexempt workers are entitled to a minimum wage of not less than $7.25 per hour effective July 24, 2009.
  • Many states also have minimum wage laws, at a rate not less than one and one-half times the regular rate of pay is required after 40 hours of work in a workweek.
  • This graph of the minimum wage in the United States shows the fluctuation in government guarantees for minimum standards of labor.

• Fair Labor Standards Act

  • The Fair Labor Standards Act (FLSA) established a national minimum wage, "time-and-a-half" for overtime in certain jobs, and etc.
  • The October 26, 1949 Fair Labor Standards Amendment included changes to overtime compensation, defined a "regular rate," redefined the term "produced," raised the minimum wage from 40 cents to 75 cents per hour, and extended child labor coverage.
  • In 1955, the FLSA was amended once again to increase minimum wage, this time to $1 per hour.
  • Subsequent amendments have continued to raise the minimum wage level according to inflation.
  • Several exemptions exist that relieve an employer from having to meet the statutory minimum wage, overtime, and record-keeping requirements.

• The Benefits of Socialism

  • Social security schemes also provide security in old age, while minimum wages, employment protection, and other labor rights ensure a fair wage and safety at work.
  • Social democracies typically employ various forms of progressive taxation regarding wage and business income, wealth, inheritance, capital gains and property.
  • Minimum wages, employment protection and trade union recognition rights for the benefit of workers.
  • These policies aim to guarantee living wages and help produce full employment.
  • Demonstrate how the nationalization of key industries, redistribution of wealth, social security schemes and minimum wages are beneficial in socialist economies

• Pay Systems

  • Wage payment systems are the different methods adopted by organizations by which they remunerate labor There exists several systems of employee wage payment and incentives, which can be classified as following:
  • High Wage Plan: Under this plan, a worker is paid a wage rate that is substantially higher than the rate prevailing in the area or in the industry.
  • Emerson's Efficiency System: Under this system, minimum time wages are guaranteed.
  • Beyond a certain efficiency level, bonus in addition to minimum day wages is given.
  • Identify the different wage payment systems used by organizations by which they remunerate labor

• Organized Labor

  • Unions have generally won higher wages and better working conditions for their members.
  • Some business thinkers believe that improvement in minimum wage and safety regulations has reduced the need for unions to negotiate.

• The Benefits of Mixed Economies

  • Private investment, freedom to buy, sell, and profit, combined with economic planning by the state, including significant regulations (e.g. wage or price controls), taxes, tariffs, and state-directed investment.

• Case: China establishes a new employment contract law for 2008

  • An employer that fails to pay an employee his salary, pays below the local minimum wage rate, fails to pay overtime or terminates a contract without paying the employee severance or without cause will also pay varying damages as stipulated in the new law.

• Standard Benefits

  • Employee benefits are any form of compensation provided by and paid for in whole or in part by the organization, excluding wages or salaries.
  • Employee benefits are defined as any form of compensation provided by the organization other than wages or salaries that are paid for in whole or in part by the employer.
  • ERISA is a federal law that establishes minimum standards for pension plans in private industry and regulates employee benefit plans.

• S-Corporations (S-Corps)

  • Keeping it simple, Bob and John both draw salaries of $94,200 (which is the Social Security Wage Base for 2006, after which no further Social Security tax is owed).
  • Certain corporate penalty taxes (e.g., accumulated earnings tax, personal holding company tax) and the alternative minimum tax do not apply to an S corporation.

• Herzberg's Two-Factor Theory

  • According to Herzberg, individuals are not content with the satisfaction of lower-order needs at work such as minimum salary levels or safe and pleasant working conditions.
  • These are extrinsic to the work itself, and include aspects such as company policies, supervisory practices, or wages/salary.