Can I offer to work for less than minimum wage?
It is illegal for your employer to pay you less than the National Minimum Wage, so check your pay and talk to your manager to make sure you’re getting the pay rate increase you are entitled to.
Why does a person respond by working less to a higher wage?
A wage level will be reached beyond which workers will do less work for higher wages because they can maintain the same satisfaction as before, or even increase it, with less work effort. As people become wealthier they take more leisure and do less work.
Do small businesses have to pay minimum wage?
Overview. The minimum wage a worker should get depends on their age and if they’re an apprentice. The National Minimum Wage is the minimum pay per hour almost all workers are entitled to. It does not matter how small an employer is, they still have to pay the correct minimum wage.
What happens when minimum wage is below equilibrium?
If the equilibrium wage is below the minimum wage, however, then there will be a surplus of labor: at the artificially high minimum wage, aggregate demand for labor is lower than aggregate supply, meaning that there will be unemployment (surpluses of labor).
Why was the minimum wage created?
The purpose of the minimum wage was to stabilize the post-depression economy and protect the workers in the labor force. The minimum wage was designed to create a minimum standard of living to protect the health and well-being of employees.
When a state has a minimum wage that is different than the federal minimum wage employees are entitled to the wage?
When the state minimum wage is greater than the federal, the employee is entitled to the higher wage. A job w/ tips receives $2.13 per hour. Has to equal at least the federal minimum wage or the employer is to make up the difference.
Who must pay minimum wage?
To whom does the minimum wage apply? The minimum wage law (the FLSA) applies to employees of enterprises that have annual gross volume of sales or business done of at least $500,000.
What is the minimum wage 2021?
In April 2021 they are: Age 16-17 – £4.62 an hour. Age 18-20 – £6.56 an hour. Age 21-22 – £8.36 an hour. Age 23+ – £8.91 an hour (National Living Wage).
What will the minimum wage be in April 2021?
In April 2021 they are: Age 16-17 – £4.62 an hour. Age 18-20 – £6.56 an hour. Age 21-22 – £8.36 an hour.
What would happen if the minimum wage increased 25 percent?
To put the same point another way, the equilibrium nominal wage has increased to $4.40, but this is still below the nominal minimum wage of $5.00. However, if the price level were to increase by 25 percent or more from the base year, the minimum wage would become completely irrelevant.
Are minimum-wage workers poor?
Based on data from the Bureau of Labor Statistics, about half of all workers paid the minimum wage are teenagers or young adults under the age of 25, most of whom live in households with incomes far above the poverty line. To be sure, older workers earning the minimum wage are more likely to be struggling financially. Still, many are not poor.
What is the minimum wage under the FLSA?
What is the federal minimum wage? Under the Fair Labor Standards Act (FLSA), the federal minimum wage for covered nonexempt employees is $7.25 per hour effective July 24, 2009. Many states also have minimum wage laws.
Do sub minimum wage programs apply to full time students?
Other programs that allow for payment of less than the full federal minimum wage apply to workers with disabilities, full-time students, and student-learners employed pursuant to sub-minimum wage certificates. These programs are not limited to the employment of young workers. What minimum wage exceptions apply to full-time students?