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The labour supply curve shows how changes in real wage rates might affect the number of hours worked by employees.. In economics, a backward-bending supply curve of labour, or backward-bending labour supply curve, is a graphical device showing a situation in which as real (inflation-corrected) wages increase beyond a certain level, people will substitute time previously devoted for paid work ...
Increases in minimum wage tends to result in junior (low-skilled) workers being overpaid relative to their senior (high-skilled) peers (i.e., If the minimum wage in a region increases from $20 to $25, therefore new employees receive $25 per hour, while current employees with 3 years' experience are being paid $26.50 per hour).
The nominal wage increases a worker sees in his paycheck may give a misleading impression of whether he is "getting ahead" or "falling behind" over time. For example, the average worker’s paycheck increased 2.7% in 2005, while it increased 2.1% in 2015, creating an impression for some workers that they were "falling behind". [ 3 ]
[1]: 215 In October 1968, the Transvaal Provincial Authority and the University of the Witwatersrand announced that the site would be the choice for a new academic teaching hospital for Johannesburg. [ 1 ] : 215 The proposal was for a 2,000-bed hospital with residential housing for 1,500 nurses and training facilities for 200 final year medical ...
Wage growth (or real wage growth) is a rise of wage adjusted for inflations, often expressed in percentage. [1] In macroeconomics , wage growth is one of the main indications to measure economic growth for a long-term since it reflects the consumer's purchasing power in the economy as well as the level of living standards . [ 2 ]
The federal minimum wage has remained stuck at $7.25 since 2009, the longest period without an increase since the Fair Labor Standards Act first established a minimum wage in 1938.
In August and September 2010, South African unions organised a crippling four-week national strike involving 1.3 million public sector workers, demanding an 8.6% wage increase. The strike ended after the government had raised its 5.2% wage increase to 7.5%. The deal swelled state spending by about 1%. [133]
Although wages for workers in trade unions are higher than non-union workers, the gap decreased in the late 20th and early 21st Century. [6] This gap decrease could be due to the diminishing ability for unions to get monopoly rents, hence the rents affected by technology, competition from overseas, and deregulation of different firms/workplaces.