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Minimum wage refers to the lowest, law-mandated hourly, daily, or monthly salary rate that employers should give to their employees and workers. Employers that pay wages lower than the minimum wage recognised by the state or country can be sued due to violation of labor laws. Australia and New Zealand were among the first countries to enact the minimum wage law, which is now being upheld and followed in more than 90% of nation states all over the world.
A common misconception among college graduates and even the general public is that entry-level jobs and positions entail minimum wage salaries. While this holds true for some companies and government agencies, not ALL people who hold entry-level positions get minimum wage. The decision of whether to give minimum wage or more to employees depends on the employer and the tasks and responsibilities involved in jobs - may they be entry-level or not.
If an entry-level job involves specialised work and requires technical knowledge, employers usually give more than the minimum wage. Competent employees with relevant background and knowledge are highly valued in the job market. Employers are well aware of the fact that if they do not give workers their due, these skilled and competent workers can easily look for employment in other companies that will recognise their worth and offer them more than the minimum wage.
The topic of minimum wage is a much debated one. Supporters of the minimum wage law contend that it's a way of ensuring that employers and workers are not exploited by companies and corporations, while opponents claim that the minimum wage only encourages professional mediocrity. According to minimum wage law opponents, workers will not strive to get higher wages because they feel secure that even if they don't work hard, a minimum wage will still be accorded to them.
Another gray area in the topic of minimum wage is how it's calculated and determined for each and every country. Should the minimum wage be based highly on the specific country or region's cost of living? If so, should the minimum wage rate stay at a level that would ensure subsistence or go beyond that? Should the labor market's supply and demand dictate the rates for minimum wage? Does the minimum wage law really lead to economic justice?
These are just some of the questions that economists, entrepreneurs, legal practitioners and worker unions try to address in minimum wage debates. Despite its flaws and loopholes, it cannot be denied that the minimum wage law benefits a large portion of the workforce.
17 March 2010
AUSTRALIA needs to tackle rising inequality through the revival of the ââsocial wageââ, with a greater role for the federal government in health and education and in providing ââdignity in retirementââ... read full story
16 March 2010
KEVIN RUDD will be forced to extend his paid parental leave scheme to six months if he wants it to have guaranteed passage through the Senate, a move that would cause the scheme to increase in cost by $400 million a year... read full story
15 July 2009
THE NSW Industrial Relations Commission has rejected an employer's attempt to use last week's minimum wage freeze by the Fair Pay Commission to argue its case in bargaining for a workplace agreement... read full story
9 July 2009
The Fair Pay Commission's minimum wage decision could claim a shred of soundness and would certainly be fairer if every other industry, political and professional group in the economy had voluntarily instituted a salary freeze during the economic downturn ("Minimum wage freeze causes union anger", July 8)... read full story
13 January 2009
NEWCASTLE Trades Hall has said low-income earners should not be forced to pay the price of corporate greed, following warnings any rise in the minimum wage would be guided by the global economic crisis... read full story