ipl-logo

Advantages Of Minimum Wage

752 Words4 Pages
bulb-icon

Recommended: Positve effects of minimum wage

It is often alleged that minimum wage plays a significant role in everyday life. Many companies and individual entrepreneurs are inclined to prioritise this notion in their business and work. In order to provide the definition of it the following interpretation can be used: minimum wage is an amount of money that is the least amount of money per hour that workers must be paid according to the law. This amount of the minimum wage depends on a country and the varieties of it are enormous. In general, there are some advantages and disadvantages of denoting the national minimum wage for a particular country. In this essay the question under discussion is the situation with the minimum wage in the Russian Federation.

First of all, there is a difference …show more content…

University of Amsterdam has provided some materials and statistics to clarify what happens in the Russian Federation now. Turning to the statement of giving the money per month there were no dramatically changes, but today there are special social benefits such as bonuses which vary from the above mentioned: this type of benefits means some kind of private paying, for example, for an anniversary or for special purposes like promotion in the company. This brings workers more motivation and willingness to continue the job. In the same way there are more special benefits which are paid for extra hours. Higher minimum wage is obtained by employees whose job is related to danger, harmful or hazardous conditions etc. Correspondingly to the large territory and the situation with minimum wage in different regions of the country, there is also a point in Art 129 in the Labour Code about the geographical position of workers in some territories (mostly in the North). They are provided with some benefits and additions to their minimum wage.

Considered all the above mentioned, the following conclusion can be made. Despite some disadvantages of national minimum wage in the Russian Federation the changes in today 's situation and hopes for the brighter future allow to present the whole issue with the minimum wage in Russia as quite proper and not so differ as in the other

Show More
Related
1134 Words | 5 Pages

Under the shadow of the great industrial powers of the west, the Soviet Union was forced to rush the process of industrialization in order to catch up with it’s advanced neighboring states. Japan was in a similar position during the 20th century, though Japan’s reaction to the pressure was much more successful than Soviet industrialization. Japan’s industrialization was more prosperous and smooth than Russia’s because of the differences in treatment of factory workers, and adaptations to the developed foreign trade market, which ultimately diminished the efficiency of Russian industrialization. Russia was well aware that the state was in need of great change, even more specifically, the russian finance minister, Sergey Witte, had been writing

Read More
920 Words | 4 Pages

At first glance, these writings may seem unrelated. However, the themes of minimum wage and work ethic go hand-in-hand regarding these texts. These writings express the correlation of working a minimum wage job and having a strong work ethic does not always result in enough money to pay for the cost of living. Consequently, unskilled workers become forced to

Read More
625 Words | 3 Pages

On average a worker would make a few dollars a week, which lead a factory worker from Texas to write President Roosevelt, “ I can’t see for my life President why a man must toil & work his life out in Such factories 10 long hours ever day except Sunday for a small sum of 15 cents to 35 cents per hour & pay the high cost of honest & deason living expences,” (pg 171). This reality of people working for nothing needed to come to a conclusion. In order for the people to receive a higher hourly wage the government needs to implement a law that dictates the minimum amount of money a worker gets paid hourly. This amount needs to be determined based on the cost of living, and in order to prevent people from working for little to nothing in the future it needs to fluctuate with the cost of living. Owners of factories and other business will be upset and not follow the law, and that is why the government will need to be strict and enforce this minimum wage law.

Read More
1721 Words | 7 Pages

The minimum wage in Virginia should be increased to reflect the cost of living within the State. The number of working poor are increasing. There are minimum wage jobs available throughout the state, however earned wages are not sufficient to allow for a manageable quality of life. The current minimum wage in Virginia is $7.25 per hour, in keeping with the Federal Minimum Wage rate of the same amount.

Read More
1094 Words | 5 Pages

The federal minimum wage has been increased twenty-two times since President Franklin Delano Roosevelt signed the bill into law in 1938. President Roosevelt was an avid supporter of a federal minimum wage as he says that “no business which depends for existence on paying less than living wages to its workers has any right to continue in this country.” Raising the federal minimum wage has many pros and cons, but is a necessity to thrive in society. People have argued that raising the minimum wage will cause inflation, but it will create various economical benefits, income benefits, production benefits, and improve racial justice.

Read More
1963 Words | 8 Pages

Definition of Minimum Wage and its Importance “Minimum Wage” refers to the legally mandated lowest

Read More
706 Words | 3 Pages

The resistance to raising the minimum wage for all workers are contained in the mindset the wealthy elites. The protection of the laissez faire ordeals halts the expansion of economic equality. This disparity in the distribution of wealth will continue to be enforced under a legislation heavily dominated by industrial reasonings. In addition, socially, a population of a specified group continues to lack the same equality to those of the different individuals. This results in the rise of a corrupt system on a national level under the desire for more wealth of those certain individuals.

Read More
636 Words | 3 Pages

Many politicians, business owners, and citizens hold fast to the belief that heightening the salary attached to minimum wage positions will yield negative benefits for our society. This opinion is supported by three vital view-points. The first can be found in the news article, “The Argument Against Raising Minimum Wage.” It expresses how the enlargement of this payment will take a toll on employment. The document reasons that if the amount of money employees earn is expanded, companies will be less likely to hire as many workers (Huppke).

Read More
1153 Words | 5 Pages

Introduction More numbers of state are joining to take action to raise the minimum wage to $15 per hour in a few years even though there is a high disputing controversial all over the nation. The federal has set the minimum wage level to $7.25 on Jan. 1, 2015. In less than a year the index number of the minimum wage is going up automatically with cost of living. And eventually it will be likely to increase year by year with automatic and expectation index.

Read More
1536 Words | 7 Pages

Introduction Minimum wage is the lowest hourly rate an employer can pay an employee for hours worked. The topic of raising the minimum wage is a sensitive issue for many people. The livelihood of many relevant stakeholders will be directly effected by policies created in regards to raising minimum wage, both positively and negatively. This paper will examine the history and current state of minimum wage. It will identify the issues connected to raising minimum wage, analyze the arguments for and against, and make recommendations based on the analysis.

Read More
717 Words | 3 Pages

The Minimum Wage Struggle Money is an essential object to acquire in the society we live in. Various places demand a high monthly rate in order to occupy a premise, along with the stress of utility bills that may not be included. Aside from living costs there are many other factors which must be calculated when budgeting on a day to day basis. Overall, the survival rate tends to increase due to so many responsibilities that need to be upheld, as well as costs being raised. This rise in both the cost of living as well as the need for higher wages proves that the standard of minimum wage needs a major increase.

Read More
1130 Words | 5 Pages

Minimum wage was first established in 1938 by Franklin Delano Roosevelt, in an attempt to stimulate economic growth and create a better standard of living for the lower class. This attempt was fairly successful, but also has many consequences. You may be asking yourself, “how on Earth could setting a limit on how little you can pay someone be bad?” On the surface this statement seems logical, but if we delve deeper we begin to see many negative effects on the implementation of minimum wage. In our nation the minimum wage law almost seems out of place, like it doesn’t quite fit in.

Read More
1586 Words | 7 Pages

1. Introduction In the modest term, a minimum wage is a lawfully authorized minor bound for wages, but the term “lawfully authorised” is unclear, leading too many different kinds of minimum wages institutions (Cunningham et al, 2007:19). It further states that in the most straight forward cases, such as Brazil and Bolivia, the federal government identifies a wage level and all employers in the country must pay at that level or above it (2007:19). Economist have tended to oppose minimum wage on the grounds that they reduce employment , hurting many of those they are supposed to help (the economist:24/11/2012).

Read More
704 Words | 3 Pages

In the past three years, many politicians and labor unions have been pushing for an increase in minimum wage. Minimum wage is the lowest set wage by a law of a government body. An increase in minimum will benefit some people, and hurt others. An increase in minimum wage will cause benefit in the short run but will be very damaging to the economy in the long run. There should not be an increase in minimum wage because it is unhealthy to the economy in the long run and it will be the major cause of job loss, increase in inflation, competition, and the price level of goods and services.

Read More
1430 Words | 6 Pages

Basic wage constitutes the highest ratio and it allows employers to negotiate salaries and increment in salaries with their workers. In order to ensure employees’ welfare, government has strictly enforced laws to govern the payment and calculation of wages. For

Read More

More about Advantages Of Minimum Wage

Related Topics

Open Document