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Discussion Topic 1: Minimum Wage Laws
For this discussion, you will research the minimum wage laws. Your response must include a discussion of both the advantages and disadvantages of minimum wage laws.
For example, you might consider these differing perspectives as you approach your research:
Perspective One: The U.S. Department of Labor has imposed a minimum wage since 1938. Most states mandate minimum hourly wage rates, too. Minimum wage legislation inhibits an employer from setting wage rates below the directed amount. Although the goal is to help workers, significant research reveals that minimum wage laws actually do more damage to employees and the overall U.S. economy. Minimum wage laws predominantly suppress employment opportunities for entry-level workers, youth, and minorities, the groups that legislators and activists proclaim to be helping with these policies. Although higher minimum wages may attract more workers, if there are no jobs to fill, that work-force supply increase will still exceed the demand for workers, thereby exacerbating the problem of unemployment.
Perspective Two: Some researchers suggest that a higher minimum wage rate attracts more workers and reduces an employer’s job vacancy rate; in addition, decreased turnover will increase productivity and reduce the overall cost of expanding employment.
Just do response each posted # 1 to 3 down below only
The federal government set the minimum wage in the Fair Labor Standards
Act, currently the federal minimum wage is set at $7.25 per hour for
non-tipped and non-exempt employees. Individual states can adjust this
rate as they see fit and many have done so. The intention of the set
minimum wage has several advantages. One advantage is that it decreases
inequality in pay because employers must pay the minimum to everyone,
increases moral and employee productivity. It can also help a small
business budget, it reduces the amount the federal government spends on
welfare programs and it is an incentive for an individual to take a job.
As I mentioned the intention of having a minimum wage is good, however,
I think the amount that is set is by no means a livable wage. I think
that increasing the minimum wage to an amount that would allow for an
individual or family to at least pay their living expenses would
increase their quality of life, give incentive, and allow for better
opportunities to make more money by possibly furthering their education.
Making minimum wage requires an individual who is not financially
supported by another to work several jobs just to pay their living
expenses, which leaves very little time for anything other than work.
The disadvantage of having a minimum wage that is set at a higher amount
is that businesses may not offer any benefits because it simply isn’t
affordable. The cost of product that is sold could increase because the
company now has to compensate for the increase in wages. Another
disadvantage to the increase in minimum wage would be for families that
do receive assistance for things like daycare and medical care may then
not qualify for these benefits.
Hello Class and professor,
In North Carolina the minimum wage is $7.25 with premium pay after designated hours past 40 a week. The laws provide social stability. The laws keep employees from taking advantage of desperate and eager people. Disadvantage is that employers choose to just pay minimum wage and the laws have not kept up with inflation.
Minimum wage has indeed been around since 1938 which is some nice history to know and is now in the Fair Labor Standards Act (FLSA). Doing the assignment for this week has allowed me to learn a bit more about the laws set in place for both perspectives. Since it is a basis for pay it applies nationwide. With that it is easy to see on their website the difference between each state. This make sense since each state has a different cost of living. I did get a bit side tracked by thinking about how the entire country could be set on the same cost of living scale but that became a headache. As if the first of January this year (2020) the minimum wage has supposedly gone up to $13 in California, unless a company with less than 25 employees. I thought that was an interesting thing to come to play with the pay wage. Here in California, I do want to put out there that the state has had plans since 2006 to get the minimum wage up to $15 by 2023. Slowly we are getting there but there are some jobs which I think this goes into perspective two with the negative view, don’t feel it is quite fair to them. Case in point any skilled labor field or even delivery jobs. When I was working amazon I only got 15.25 per hour and I had to get them on some technicality for the extra quarter. The amount of work and way you’re abused you would expect for more compensation or even a bit more than the minimum wage. $15 is the going rate for all delivery with Amazon type jobs from what I have seen here in San Diego until you move up the chain. That is a different story but if the technical labor side a lot of people are opting to just leave these fields and go to these jobs that are trivial and get paid about the same as what they were getting paid. If there is a difference in their income some people get a side gig like Lyft, Uber, etc. I do think that some companies will do everything they can to pinch those pennies and may even pull unfavorable moves within the company. I know at Target from personal events they were terminating people before their retirement on anything they could so as to avoid the retirement pay with them having to increase the minimum wage for every employer it made sense. Not a favorable move but effective in a few thousand each month. Aside from staff reduction, this could get the company into the lower bracket of minimum wage. Another tactic could be to look out of the country for better deals and rates. Since this is accounting I figure I would bring back the business aspect even though its been a few semesters. This is common in the business world and definitely a factor on how some individuals on the top wealthiest list. With that being said minimum wage is a blessing to some in this world because there are some shady people out there that would do anything for money. That being said a lot of times these employers would try to underpay. The minimum wage helps to eliminate this. Maybe the workforce does get reduced; personally I think the more reason to go your own. That can be pricey too but a little more job security.
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