Minimum Wage
An hourly wage rate set by the federal government below
which actual hourly wages cannot fall. This rate can be increased by state governments.
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Minimum Wage
The lowest allowable hourly-wage that an employer can pay an employee.
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Minimum wage laws set legal minimums for the hourly wages paid to certain groups of workers. In the United States, amendments to the Fair Labor Standards Act have increased the federal minimum wage from $.25 per hour in 1938 to $5.15 in 1997.
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Minimum wage
Definition: The National Minimum Wage was introduced in the UK with effect from 1st April 1999. It is a legally guaranteed wage rate for workers aged 18 years or older. There are two levels, dependent on age.
Minimum wage is the lowest hourly wage allowed by federal and state labor laws. It generally applies to unskilled or semi-skilled laborers working in service industries or manufacturing plants.
Minimum Wage Effect
The credit equals the social security and Medicare taxes you paid on the tips received by the employees. However, no credit is given for tips used to meet the federal minimum hourly wage rate.
Minimum Wage
A wage below which employers may not legally pay employees for specific kinds of employment.
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Minimum wage
A minimum rate of pay that FIRMS are legally obliged to pay their workers. Most industrial countries have a minimum wage, although certain sorts of workers are often exempted, such as young people or part-timers.
Minimum Wage: The lowest compensation you are allowed to pay an employee for hourly work. It is defined by Federal and state laws. State laws may be more restrictive than Federal law, and certainly may differ.
Minimum wage: The least amount an employer can pay workers, according to the federal government law known as the Fair Labor Standards Act. Some states have different minimum wage standards.
Minimum wage A wage floor, legislated by government, setting the lowest hourly rate that firms may legally pay workers.
minimum wage a wage per hour below which it is illegal to pay workers. (3, 21)
minimum wage legislation a law that sets a floor on the wage, or price of labor. (12) ...
Minimum wage law - A regulation making it illegal to hire labour below a specified wage.
Minimum wages - Legally specified minimum rate of pay for labour in covered occupations.
MINIMUM WAGE: A legally established price floor on the wage paid to labor. The minimum wage was initiated in the United States in 1938 at a rate of 25 cents per hour. It has been raised numerous times since then.
Minimum wage established either by law or by an agreed-upon wage bracket.
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The Minimum Wage: Does It Matter?
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See also minimum wage.
Economic Theories about Wages
Many theories have been advanced to explain the nature of wages.
National minimum wage (NMW)
The minimum hourly rate of pay which most workers in the UK are entitled to.
National minimum wage
This was introduced in 1999. It means that permanent workers over 18 years of age must be paid the minimum of £4.40 per hour.
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Generally, the term “minimum' has negative connotations, such as in “minimum wage,' “minimum skills' and “minimum protection.' If you want to maintain good credit, discipline yourself to ignore “minimum' payment amounts.
In a model involving possible labor force participation, the reservation wage rate is the minimum wage rate at which an agent will accept employment.
Note that there's an exception to the general credit rule " if you pay your employees below the minimum wage, with the expectation that tips will bring them up to the minimum, ...
Surplus Unemployment - This is caused by minimum wages laws and unions. When wages are set at a higher level, unemployment can often result. Why?
federal law enacted in 1938, setting minimum wages per hour and maximum hours of work. It also provides that employees are paid one and a half times their regular hourly wage (time and a half) for work beyond 40 hours in a week.
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WAGE - actual remuneration paid to an employee for services rendered. Minimum wages, in the U.S.A., are...
WAGE ASSIGNMENT - a clause in a loan contract that allows the lender to obtain the borrower's wages in ...
For instance, many people believe a minimum wage is necessary to eliminate utter poverty among the least skilled workers in a pure market economy.
Companies are able to set salary and benefit packages themselves, but must comply with the statutory minimum wage legislation. It is compulsory for all companies with five or more employees to provide, or to provide access to, a formal pension plan.
Billionaires Â- Businesspeople Â- Demography Â- Income (Poverty) Â- Labour law (Equal opportunities Â- Minimum wage Â- Working Time Directive) Â- Pensions Â- Trade unions (Trades Union Congress) Â- Youth ...
Wage Floor
Definition: Minimum compensation in a wage bracket or minimum wage established by law.
are laws governing treatment of labor and generally relations with employees, safety and protection issues (Health and Safety), anti-discrimination laws (age, gender, disabilities, race, and in some jurisdictions, sexual orientation), minimum wage ...
transactions at lower prices below the ceiling price (for example, rent control). Floor price controls set a minimum price that may legally be charged but do not prohibit transactions at higher prices above the floor price (for example, minimum wage ...
children and young persons, prophylactic hygienic measures, and the establishment of committees with equal representation of employers and employed for the regulation of conditions of work, but without the right to fix a legally binding minimum wage.
minimum wage The smallest hourly wage that an employee may be paid in exchange for his labor, as stipulated by federal law. minimum yield A yield to call or yield to maturity, depending on which is lower.
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