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What is one of the arguments for having a minimum wage?

Every time an amendment comes before the U.S. Congress to raise the minimum wage, advocates and critics pull out some convincing arguments to win over public opinion. The most common argument in support of the minimum wage is that it protects the workers at the lowest rung of the socio-economic ladder.

Why is it important to make a living wage?

The goal of a living wage is to allow employees to earn enough income for a satisfactory standard of living and to prevent them from falling into poverty. A living wage is not a static dollar amount. The cost of living in a particular area affects the income necessary to live in that area.

What is an example of wage?

Wages include, but are not limited to: Salaries, hourly pay, piece rate, or payments by the job. Commissions and bonuses. Overtime and vacation pay.

What are the different wage types?

5 Wage Types and How They Affect Your Employees Minimum Wage. Minimum wage is the most widely recognized term in the realm of employee compensation. Living Wage. Living wage is the lowest wage at which the wage earner and his/her family can afford the most basic costs of living. Prevailing Wage. Tipped Wage. Fair Wage.

What is the best argument for raising the minimum wage?

Raising the federal minimum wage will also stimulate consumer spending, help businesses bottom lines, and grow the economy. A modest increase would improve worker productivity, and reduce employee turnover and absenteeism. It would also boost the overall economy by generating increased consumer demand.

What is an example of an hourly wage?

Hourly employees are paid at a set hourly rate which is multiplied by the hours worked during a pay period. For example, if an employees hourly rate is $15 and they worked 20 hours during a pay period, you would multiply $15 by 20 to get a total wage of $300 for their paycheck.

What is the intended goal of minimum wage?

The purpose of the minimum wage was to stabilize the post-depression economy and protect the workers in the labor force. The minimum wage was designed to create a minimum standard of living to protect the health and well-being of employees.

What is considered a wage?

Wages include, but are not limited to: Salaries, hourly pay, piece rate, or payments by the job. Commissions and bonuses. Overtime and vacation pay. The reasonable cash value of compensation other than cash.

What is a good thesis statement for minimum wage?

Sample thesis statements: Raising the minimum wage will help stimulate the economy because low-wage workers will be able to spend more. Increasing the minimum wage encourages workers to be dedicated to their jobs because they will be happier and more satisfied with their positions.

What is the main problem with minimum wage?

Forcing families to depend on public assistance programs due to low wages costs state and federal governmentsand by extension taxpayersbillions of dollars. Researchers estimate that a minimum wage below $15 per hour costs U.S. taxpayers over $107.4 billion per year.

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