What factors affect the minimum wage?
What factors affect the minimum wage?
Minimum wage rates are determined by factors such as poverty threshold, prevailing wage rates as determined by the Labor Force Survey, and socio-economic indicators (i.e. inflation, employment figures, Gross Regional Domestic Product, among others), which insures better workers protection.
What are the factors that affect the minimum wage differ from one place to another?
Regional. There are significant regional differences in the cost of living, economic development, and labour market situation within a same country. Sector. Some sectors of activity have higher average productivity and “capacity to pay” than other sectors, and can afford higher minimum wages.
What is minimum wage based on?
Schedule for California Minimum Wage rate 2017-2023.
| Date | Minimum Wage for Employers with 25 Employees or Less | Minimum Wage for Employers with 26 Employees or More |
|---|---|---|
| January 1, 2018 | $10.50/hour | $11.00/hour |
| January 1, 2019 | $11.00/hour | $12.00/hour |
| January 1, 2020 | $12.00/hour | $13.00/hour |
| January 1, 2021 | $13.00/hour | $14.00/hour |
What are the factors affecting wages and different methods of wage payment?
The eight factors influencing the determination of wage rates are as follows: 1. Ability to Pay 2. Demand and Supply 3….Following factors influence the determination of wage rate:
- Ability to Pay:
- Demand and Supply:
- Prevailing Market Rates:
- Cost of Living:
- Bargaining of Trade Unions:
- Productivity:
What are the factors affecting wages and salary?
7 Factors to Consider for Determining Wage and Salary Structure…
- (i) Labour Unions:
- (ii) Personal perception of wage:
- (iii) Cost of living:
- (iv) Government legislation:
- (v) Ability to pay:
- (vi) Supply and demand:
- (vii) Productivity:
Why is the minimum wage different in different states?
States are required to follow federal minimum wage law. States can pass their own laws to make the wage higher, equal to or lower than the federal law, but they can’t make other changes that overrule the federal law, for instance, who is exempt or how many hours constitutes a work week.