Minimum Wage
Minimum wage is the lowest wage rate that an employer is legally allowed to pay an employee for their work. It is a form of price control set by the government to protect workers from exploitation and ensure that they are paid a fair wage for their labor. The minimum wage rate is usually determined by the government and is adjusted periodically to keep up with inflation and other economic factors. In some countries, the minimum wage is set by collective bargaining agreements between employers and unions.
History of Minimum Wage
The concept of a minimum wage has been around since the late 19th century. The first minimum wage laws were enacted in New Zealand and Australia in the 1890s. In the United States, the first minimum wage law was passed in 1938 as part of the Fair Labor Standards Act. Since then, many countries around the world have adopted minimum wage laws to protect workers from exploitation and ensure that they are paid a fair wage for their labor.
The minimum wage rate is typically adjusted periodically to keep up with inflation and other economic factors. In the United States, the federal minimum wage is currently set at $7.25 per hour. However, many states and cities have adopted their own minimum wage laws that are higher than the federal rate.
Comparison Table
| Country | Minimum Wage |
|---|---|
| United States | $7.25/hour |
| Canada | $10.45/hour |
| United Kingdom | £8.72/hour |
| Australia | $19.84/hour |
| Japan | ¥907/hour |
Summary
Minimum wage is the lowest wage rate that an employer is legally allowed to pay an employee for their work. It is a form of price control set by the government to protect workers from exploitation and ensure that they are paid a fair wage for their labor. The minimum wage rate is usually determined by the government and is adjusted periodically to keep up with inflation and other economic factors. For more information about minimum wage, you can visit the websites of the U.S. Department of Labor, the International Labour Organization, and the World Bank.
See Also
- Living Wage
- Wage Gap
- Wage Theft
- Overtime Pay
- Collective Bargaining
- Labor Unions
- Employment Law
- Employee Benefits
- Payroll Taxes
- Employment Contracts
