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There is no formula to determine minimum wage. Minimum wage is based on a few things such as inflation, unemployment rate, and cost of living. The main person who determines minimum wage is mainly determined by the sponsor of the wage bill.
Wiki User
∙ 11y ago
Wiki User
∙ 13y agoIn determining adequate pay for employees, a manager must consider the three major factors: the labor market, the nature and scope of the job, and characteristics of the individual employee.
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What is wage fund theory?
Wage fund theory is proposed and developed by J.S. Mill. In this theory, the wage amount is being determined by the wage fund and the number of employees that are employed.
What is the minimum wage for part time workers?
The minimum wage is determined by the state. In the state of North Carolina, the minimum wage for both full and part time individuals is $7.25.
How do you know if fair trade farmers get paid for the fair trade product?
Well that is easy fair trade means getting a fair price so that means all fair trade items with the symbol on them were given a fair wage. If you go into say a clothing department store and you want to know whether the farmer was paid a fairly good wage go up to the counter and say "Is this fair trade?"and if they say no then say "If you go fair trade I'll buy it."
How is the price of labor determined?
By supply and demand, in a totally unfettered economy. Many nations have a legislated minimum wage.
The real wage will rise if the nominal wage?
The real wage is the amount of money paid when adjusted for inflation. This wage will rise if the nominal wage rises.
How do you use fair wage in a sentence?
A good job will pay you a fair wage for a day's work.
What are the Forms of wages?
Wages have been classified into three different categories. The categories are living wages, minimum wages, and fair wages. Living wages are often defined as the wages needed in order to provide the necessities in order to live; such as food, clothing, and housing. Minimum wage is determined by the government, and are the lowest wages one can legally earn. Fair wage is the mean between the living wage and the minimum wage.
What is living wage?
A living wage is a wage that ensures minimum acceptable living standards. All the definitions on wage issues can be found here: http://www.fair-wage.com/en/fair-wage-approach-menu/12-fair-wage-dimensions-menu.html
Can you put the word wage in a sentence?
yes like my wage is..... The company pays a fair wage. He wants to wage war on the enemy.
What are fair-trade banana's?
Bananas that were grown by farmers that get paid a fair wage. That's what fair trade is.
How do you find out if your employer is paying you the fair market wage?
By looking up what your minamime wage is sapposto be then soo them
What is wage fund theory?
Wage fund theory is proposed and developed by J.S. Mill. In this theory, the wage amount is being determined by the wage fund and the number of employees that are employed.
What was the minimum wage in 1913?
There was no established minimum wage in 1913. The federal minimum wage was established in 1938 under the Fair Labor Standards Act.
What did the National Recovery Administration do?
It established a minimum wage.
What is the minimum wage for part time workers?
The minimum wage is determined by the state. In the state of North Carolina, the minimum wage for both full and part time individuals is $7.25.
Is it fair that im working at a pizzeria and they are giving you 5 a hr plus half the tips of the waiter?
It depends on your previous work experience and the minimum wage of where the job is located. There is no fair or unfair, unless the minimum wage is over $5, then it is not fair and you respectfully address that to your boss.
Why do you have minimum wage?
To ensure that everyone gets a fair pay. At least to ensure that no one is taken advantage of. At least not too badly. No legislator or economist says the min wage is somehow "fair". It is simply a government dictate. Lawful, but not assured to be fair to employers or job seekers.
