What Is Minimum Wage Determined By, Explaining National Living Wage National Minimum Wage 2020 The Legal Partners
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The amount set by lawmakers for the minimum wage must take into account the needs of businesses as well as workers.
Ny minimum wage raise. Minimum wages have been defined as the minimum amount of remuneration that an employer is required to pay wage earners for the work performed during a given period which cannot be reduced by collective agreement or an individual contract. In cases where an employee is subject to both the state and federal minimum wage laws the employee is entitled to the higher of the two minimum wages. Opponents and lobbyists often present their objections to raising the wage citing increases in labor costs possible lay offs and a general raise for workers currently working just above the current minimum.
1 this definition refers to the binding nature of minimum wages regardless of the method of fixing them. The minimum wage is a legally mandated price floor on hourly wages below which non. Minimum wages can be set by statute.
Many states also have minimum wage laws. A minimum wage is the lowest wage per hour that a worker may be paid as mandated by federal law. It is during this review process that a final minimum wage level may be determined.
Minimum wage rates are determined by factors such as poverty threshold prevailing wage rates as determined by the labor force survey and socio economic indicators ie. Inflation employment figures gross regional domestic product among others which insures better workers protection.
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