A minimum wage is the lowest hourly, daily or monthly remuneration that employers may legally pay to workers. Equivalently, it is the lowest wage at which workers may sell their labor. Although minimum wage laws are in effect in many jurisdictions, differences of opinion exist about the benefits and drawbacks of a minimum wage.
Supporters of the minimum wage say that it increases the standard of living of workers, reduces poverty, and forces businesses to be more efficient. Opponents say that if it is high enough to be effective, it increases unemployment, particularly among workers with very low productivity due to inexperience or handicap, thereby harming less skilled workers and possibly excluding some groups from the labor market; additionally it is less effective and more damaging to businesses than other methods of reducing poverty.
Read more about Minimum Wage: History, Minimum Wage Law, Debate Over Consequences, Empirical Studies, Surveys of Economists, Alternatives
Famous quotes containing the words minimum and/or wage:
“After decades of unappreciated drudgery, American women just don’t do housework any more—that is, beyond the minimum that is required in order to clear a path from the bedroom to the front door so they can get off to work in the mourning.”
—Barbara Ehrenreich (20th century)
“Most women without children spend much more time than men on housework; with children, they devote more time to both housework and child care. Just as there is a wage gap between men and women in the workplace, there is a “leisure gap” between them at home. Most women work one shift at the office or factory and a “second shift” at home.”
—Arlie Hochschild (20th century)