Minimum wages have been defined as “the minimum amount of remuneration that an employer is required to pay wage earners for the work performed during a given period, which cannot be reduced by collective agreement or an individual contract”.
What do you mean by minimum wages?
The minimum wage is the lowest wage that an employer is allowed to pay an employee, according to a law or agreement.
What was the purpose of minimum wage?
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.
How is minimum wage determined?
The minimum wage in the United States is set by U.S. labor law and a range of state and local laws. … Employers generally have to pay workers the highest minimum wage prescribed by federal, state or local laws. As of January 2020, there were 29 states and D.C. with a minimum wage higher than the federal minimum.
How much does McDonald’s pay per hour in Philippines?
How much does a Service Crew at McDonald’s make? The typical McDonald’s Service Crew salary is ₱46 per hour. Service Crew salaries at McDonald’s can range from ₱23 – ₱86 per hour. This estimate is based upon 30 McDonald’s Service Crew salary report(s) provided by employees or estimated based upon statistical methods.
How much is rent in Philippines?
The average monthly rent for a one-bedroom apartment in the city is $228.94; go outside the city and that average is $124.77 per month. A three-bedroom property in the city has a monthly average rent for $394.53 and outside the city is $240.59.
What is an example of minimum wage?
Minimum wage refers the smallest wage an employee can make per hour for all hours he or she works on the job. … For example, New York has a higher minimum wage than Maine, as the cost of living is higher in New York.
What would happen if there was no minimum wage?
By raising the minimum wage, it’s possible that the U.S. would eliminate some jobs, but increase overall living standards by giving raises to millions of families. If we killed off the minimum, it’s possible that we would create a few jobs, while decreasing living standards by decreasing pay overall.
What is a livable wage?
A living wage refers to a theoretical income level that allows individuals or families to afford adequate shelter, food, and other necessities. The goal of a living wage is to allow employees to earn enough income for a satisfactory standard of living and prevent them from falling into poverty.