Should Minimum Wage Be Abolished

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As defined by the Fair Labor Standards Act (FLSA) who governs most job employees. These employees are considered “Exempt or Nonexempt”. Nonexempt employees are typically paid by the hour and are entitled to overtime pay if they work more than 40 hours per week. “The term hourly wage” describes the rate or amount an employer agrees to pay its employee or worker per hour labored (HR Hero Website, 2017). The “average” or “mean” is the estimated hourly rate calculated by using the varying hourly rates of a group of workers in a specific occupation (Massachusetts Institute of Technology, 2017).
Options:
1. The Supply and Demand determines hourly wage: Many economists claim that the price for labor or hourly wage is determined like all prices by …show more content…

The fact that the free market does not have any limitation in the minimum wage and the limit to set prices employee at times may suffer loss because there do not have any contract to show the payment there are to receive at a time, the highest wage ever according to the sales they make (Hood, 2015).
2) $16 Dollar minimum wage set for all jobs:
• The Minimum Wage in the United States:
This wage is a network of federal, state and local laws where employers in general must pay workers with the highest minimum wage prescribed by this network now there are many states with a higher minimum wage than the federal minimum. It is a policy that applies to various companies globally in that it is there to avoid harassment of employees by an employer regarding pay (Hood, 2015). For this assignment, the $16 per hour minimum wage means that for each hour that a person works the minimum amount that the individual get is $16.
• Pro’s and Con’s:
Raising the minimum wage would bring some advantages and benefit the employee because the minimum wage pay may increase individual’s income, especially for those people who are new in the job market and comes as the opportunity for them to survive (Hood, 2015). The most important benefit would be the effect on employment and family …show more content…

Unfortunately, some say that when we raise the minimum wage, unemployment goes up because some employers can’t afford it or it stops them from new hiring. There continues to be a debate over this and whether policies such as the raising of the minimum wage increases a family’s income because many employers may just simply useless employee time.
As of now the conclusion is that there have been little or no employment effects of raising the minimum wage and consider that it does more good than harm. Now for this paper and paying $16 dollars an hour for all jobs across the board, it would never work because some would be underpaid for their skills and some overpaid for theirs. This would be a disaster for this country because there would be no incentive for anyone to get an education or be creative and the economy would become stale. Technology would creep and the country would advance slowly into the future and there would be a shortage of trades needed. Money is the great incentive.
In the real world, all companies make the same product…money and there would be no “You get what you pay

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