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What else can I help you with?
A 1938 law set a minimum what?
wage
What problem can a price floor cause?
One form of a price floor is minimum wage. Minimum wage is a really good thing but it also has a bad side. That is if the minimum wage is set above the market equilibrium wage rate, the result is a decrease in employment.
What is the relationship between price floor and minimum wage?
A price floor is a government-imposed lower limit on the price of a good or service, while minimum wage is a specific type of price floor set for labor. By establishing a minimum wage, the government ensures that workers receive a baseline level of compensation for their labor. If the minimum wage is set above the equilibrium wage, it can lead to a surplus of labor, meaning higher unemployment, as employers may hire fewer workers at the higher wage. Thus, both concepts aim to protect certain economic interests but can have unintended consequences in the labor market.
How much is minimum wage for aerospace engineering?
There is no minimum wage in aerospace engineering, wages are set based on "Market Target" with a +/- adjustment based on skills and performance. "Market Target" is an average of the average wages of a set of similar companies pay for similar job positions. It is calculated by several market statistics companies and purchased from them by each employer. It is an endless feedback loop. Part of the reason for this system is it reduces employee incentive to jump from company to company hoping to get more pay.When I was working, I was usually payed "Market Target" +, but in the last few years I was fairly close to just "Market Target". On the day I was terminated I was being paid between $35 to $75 per hour (minimum wage was legally $8.00), the lowest I was ever payed (30 years earlier) was between $6 to $8 per hour (minimum wage was legally $2.65) when I was first hired.To clarify, the official legal government set minimum wage still is in effect (it has to be as it is law) but the "Market Target" wage scale that applies to the engineers, other technical people, etc. is so far above it that its meaningless. Support level workers might get legal minimum wage for a few months but even they quickly rise well above that.
What is the minimum wage in Washington, D.C.?
The minimum wage in Washington DC is $8.25 an hour, or $2.77 for tipped employees. The minimum wage is automatically set to a $1 / hour more than the federal minimum wage.
How much is minimum wage in TN?
Tennessee is one of 5 states that has not set a minimum wage. The state would then go by the federal minimum wage. The federal minimum wage is $7.25 per hour effective July 24, 2009.
What was minimum wage in 1967?
Set by the Fair Labor Standards Act of 1937, minimum wage $0.25 an hour. See this government website for more information, though it takes a while to load. http://www.dol.gov/whd/minwage/chart.htm
Minimum wage in 1957?
Minimum wage changed twice during the 1950's. In 1950, it was increased to $0.75 per hour. Then in 1956, it was raised to $1.00 per hour.
What year did federal minimum wage go into effect?
The federal minimum wage first went into effect in 1938. At that time, Congress set the minimum wage at 25 cents per hour.
What is minimum wage for a horse groom?
Whatever the minimum wage for the area is. There is no set wage. When I worked as a part-time groom for an Arabian barn I earned $7 an hour.
What is the current minimum wage in New York State?
The current minimum wage in New York State is $7.25 USD an hour. This meets the bottom threshold of the minimum nationwide wage set by the United States Federal Government.
What was the Minimum wage 1978?
The US federal minimum wage in 1978 was set at $2.65 an hour for all covered non exempt workers.
