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A minimum wage is the lowest remuneration that employers can legally pay their employees—the price floor below which employees may not sell their labor. Most countries had introduced minimum wage legislation by the end of the 20th century. [2]
Most small retail and service establishments grossing less than $300,000 annually are not required to pay the minimum wage. [236] A tipped employee who makes $30.00 per month or more in tips, can be paid 60% of the minimum wage, i.e. as little as $4.35 per hour. [236]
An example of a price floor is minimum wage laws, where the government sets out the minimum hourly rate that can be paid for labour. In this case, the wage is the price of labour, and employees are the suppliers of labor and the company is the consumer of employees' labour. When the minimum wage is set above the equilibrium market price for ...
Governor Gavin Newsom is lifting the minimum wage rate to $20 an hour starting in April — a 25% increase from its current rate of $16 an hour. But not all Golden State employees are benefiting ...
In 2011 5.2% of all hourly-paid workers age 16 or over earned an hourly wage at or below the federal minimum wage. [ 138 ] According to the Economic Policy Institute , the minimum wage in the United States would have been $18.28 in 2013 if the minimum wage kept pace with labor productivity . [ 139 ]
It owed 100 workers thousands of dollars, officials say. For premium support please call: 800-290-4726 more ways to reach us
The law’s new fast-food minimum wage of $20 an hour is $3 higher than what Chipotle previously paid workers at its 475 California locations and $4 higher than the Golden State’s current ...
World War II poster about US price controls Protesters call for an increased legal minimum wage as part of the "Fight for $15" effort to require a $15 per hour minimum wage in 2015. A government-set minimum wage is a price floor on the price of labour. A price floor is a government- or group-imposed price control or limit on how low a price can ...