wage

Examples of wage in the following topics:

• The Argument for Barriers

  • Some argue that imports from countries with low wages has put downward pressure on the wages of Americans and therefore we should have trade barriers.
  • Many people believe that imports from countries with low wages has put downward pressure on the wages of Americans.
  • There is no doubt that international trade can have strong effects, good and bad, on the wages of American workers.
  • Yet, concurrent with the large expansion of trade over the past 25 years, real wages (i.e., inflation adjusted wages) of American workers grew more slowly than in the earlier post-war period, and the inequality of wages between the skilled and less skilled worker rose sharply.
  • Was trade the force behind this deteriorating wage performance?

• Fair Labor Standards Act

  • The Fair Labor Standards Act of 1938 established a national minimum wage, forbade "oppressive" child labor, and provided for overtime pay in designated occupations.
  • Police officers, fire fighters, paramedics, and other first responders are also entitled to overtime wages and minimum wage pay.
  • Covered nonexempt workers are entitled to a minimum wage of not less than $7.25 per hour effective July 24, 2009.
  • Many states also have minimum wage laws, at a rate not less than one and one-half times the regular rate of pay is required after 40 hours of work in a workweek.
  • This graph of the minimum wage in the United States shows the fluctuation in government guarantees for minimum standards of labor.

• Fair Labor Standards Act

  • The Fair Labor Standards Act (FLSA) established a national minimum wage, "time-and-a-half" for overtime in certain jobs, and etc.
  • The full effect of the FLSA of 1938 was postponed by the wartime inflation of the 1940s, which lowered wage values to below the level specified in the act.
  • In 1955, the FLSA was amended once again to increase minimum wage, this time to $1 per hour.
  • Subsequent amendments have continued to raise the minimum wage level according to inflation.
  • Several exemptions exist that relieve an employer from having to meet the statutory minimum wage, overtime, and record-keeping requirements.

• A Brief Definition

  • Factory workers may unionize and use collective bargaining to determine a wage rate that is mutually beneficial to the workers and the employers.
  • The collective agreements reached by these negotiations usually set out wage scales, working hours, training, health and safety, overtime, grievance mechanisms, and rights to participate in workplace or company affairs.
  • The so-called monopoly union model (Dunlop, 1944) states that the monopoly union has the power to maximize the wage rate; the firm then chooses the level of employment.
  • The right-to-manage model, developed by the British school during the 1980s (Nickell), views the labor union and the firm bargaining over the wage rate according to a typical Nash Bargaining Maximin.
  • The efficient bargaining model (McDonald and Solow, 1981) sees the union and the firm bargaining over both wages and employment (or, more realistically, hours of work).

• Equal Pay Act

  • Federal law amending the Fair Labor Standards Act aimed at abolishing wage disparity based on sex.
  • The Equal Pay Act of 1963 is a United States federal law amending the Fair Labor Standards Act, aimed at abolishing wage disparity based on sex.
  • It depresses wages and living standards for employees necessary for their health and efficiency.
  • "No employer having employees subject to any provisions of this section shall discriminate, within any establishment in which such employees are employed, between employees on the basis of sex by paying wages to employees in such establishment at a rate less than the rate at which he pays wages to employees of the opposite sex in such establishment for equal work on jobs, the performance of which requires equal skill, effort, and responsibility, and which are performed under similar working conditions, except where such payment is made pursuant to (i) a seniority system; (ii) a merit system; (iii)a system which measures earnings by quantity or quality of production; or (iv) a differential based on any other factor other than sex. "

• The Benefits of Socialism

  • Social security schemes also provide security in old age, while minimum wages, employment protection, and other labor rights ensure a fair wage and safety at work.
  • Social democracies typically employ various forms of progressive taxation regarding wage and business income, wealth, inheritance, capital gains and property.
  • Minimum wages, employment protection and trade union recognition rights for the benefit of workers.
  • These policies aim to guarantee living wages and help produce full employment.
  • Demonstrate how the nationalization of key industries, redistribution of wealth, social security schemes and minimum wages are beneficial in socialist economies

• Pay Systems

  • Wage payment systems are the different methods adopted by organizations by which they remunerate labor There exists several systems of employee wage payment and incentives, which can be classified as following:
  • High Wage Plan: Under this plan, a worker is paid a wage rate that is substantially higher than the rate prevailing in the area or in the industry.
  • Emerson's Efficiency System: Under this system, minimum time wages are guaranteed.
  • Beyond a certain efficiency level, bonus in addition to minimum day wages is given.
  • Identify the different wage payment systems used by organizations by which they remunerate labor

• Benefits and non-monetary compensation

  • There are three things a company must fully consider before determining if and how they will issue employee benefits: the industry structure, the strengths of the company and its competitors, and the wage structure.
  • A company should not issue benefits to employees if they have not considered the implications of these factors, specifically the wage structure.
  • If a company offers employees extremely high wages compared to other businesses in the industry in addition to non-monetary compensation, costs may increase at a faster rate than profit.

• The State of the Economy

  • On the other hand, wages and incomes of typical Americans are lower today than in over a decade.
  • This "lost decade" of no wage and income growth began well before the Great Recession battered wages and incomes.
  • In the historically weak expansion following the 2001 recession, hourly wages and compensation failed to grow for either high school or college-educated workers and, consequently, the median income of working-age families had not regained pre-2001 levels by the time the Great Recession hit in December 2007.
  • Consensus forecasts predict that unemployment will remain high for many more years, suggesting that typical Americans are in for another lost decade of living standards growth as measured by key benchmarks such as median wages and incomes.

• National Labor Relations Act

  • It was found that an employer, a commercial laundry company, violated the Act by: (1) warning the union's shop steward not to provide information about bargaining to employees; (2) warning employees not to provide information to the union; (3) warning employees not to speak about the union during the workday, including break and lunch times; (4) threatening to discharge employees if they participated in union or other protected activities; (5) threatening employees that the shop would be closed and they would be discharged if the employer had to accept the union's contract proposals; (6) threatening to discharge employees if they went on strike; (7) promising employees a wage increase and new benefits if the union no longer represented them; (8) polling employees as to whether they supported the union; (9) interrogating employees about their union membership, activities, and sympathies; (10) deducting union dues from employees' paychecks, but failing to remit those funds to the union; (11) issuing written warnings to, and then discharging, an employee for supporting the union; (12) failing to bargain in good faith with the union; (13) conditioning bargaining upon the commitment of the union to refrain from handbilling the employer's customers or engaging in any strike or picketing activity; (14) unilaterally stopping payments to various union funds; (15) unilaterally granting employees a wage increase; (16) refusing to bargain with the union because the union's shop steward was present; and (17) unilaterally implementing new rules regarding the union's access to unit employees at the facility.
  • The end of wartime economic controls saw the revelation of previously pent-up demands by American workers for better wages.
  • In 1935, the Democratic-controlled Congress enacted the National Labor Relations Act, establishing the right of most private-sector workers to form unions, bargain with management over wages and working conditions, and hold strikes to obtain their demands.
  • *Section 7 rights include: freedom of association; mutual aid or protection; self-organization; to form, join, or assist labor organizations; to bargain collectively for wages and working conditions through representatives of their own choosing; and to engage in other protected concerted activities with or without a union.