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”.1 Show This definition refers to the binding nature of minimum wages, regardless of the method of fixing them. Minimum wages can be set by statute, decision of a competent authority, a wage board, a wage council, or by industrial or labour courts or tribunals. Minimum wages can also be set by giving the force of law to provisions of collective agreements. The purpose of minimum wages is to protect workers against unduly low pay. They help ensure a just and equitable share of the fruits of progress to all, and a minimum living wage to all who are employed and in need of such protection. Minimum wages can also be one element of a policy to overcome poverty and reduce inequality, including those between men and women, by promoting the right to equal remuneration for work of equal value. Minimum wage systems should not be seen or used in isolation, but should be designed in a way to supplement and reinforce other social and employment policies. Several types of measures can be used to tackle income and labour market inequality, including pro-employment policies, social transfers, and creating an enabling environment for sustainable enterprises. The purpose of a minimum wage, which sets a floor, should also be distinguished from collective bargaining, which can be used to set wages above an existing floor. Figure 1 shows a hypothetical wage distribution with a "minimum wage zone" and a "collective bargaining zone" which can be used to establish minimum standards and to set wages above an existing floor. Figure 2 illustrates that the effectiveness of minimum wages depends on many factors, including the extent to which they afford protection to all workers in an employment relationship, including women, and youth and migrant workers, regardless of their contractual arrangements, as well as all industries and occupations in the economy (coverage); whether they are set and adjusted at an adequate level that covers the needs of workers and their families, while taking into account economic factors (level); and whether employers comply with minimum wage regulations (compliance). Figure 1. The distribution of wages (hypothetical wage distribution of a population of 56 wage-earners)  How to read this figure : Figure 1 shows a hypothetical wage distribution of a population of 56 wage-earners before the introduction of a minimum wage. The level of wages is on the horizontal axis, and the number of wage earners is on the vertical axis. We see the full range of market wages, including a relatively small proportion of workers with extremely low pay on the left end of the wage distribution. For example, 1 employee has a wage of 1$, 2 employees are paid 3$, while 5 employees receive wages of 8$. The yellow circle called the “minimum wage zone” shows that a minimum wage should in principle remain targeted at the lowest-paid employees, to eliminate “unduly low pay”; the blue circle is the “collective bargaining zone” and illustrates the principle that collective bargaining can be used to set wages above an existing floor. Figure 2. Main dimensions of effective minimum wages2 1 ILO: General Survey
concerning the Minimum Wage Fixing Convention, 1970 (No. 131), and the Minimum Wage Fixing Recommendation, 1970 (No. 135), Committee of Experts on the Application of Conventions and Recommendations, 2014. If you're seeing this message, it means we're having trouble loading external resources on our website. If you're behind a web filter, please make sure that the domains *.kastatic.org and *.kasandbox.org are unblocked. If you're seeing this message, it means we're having trouble loading external resources on our website. If you're behind a web filter, please make sure that the domains *.kastatic.org and *.kasandbox.org are unblocked. 109) ________ of unemployment during ________ make it easier for workers to ________wages.A) High levels; a recession; accept lowerB) Low levels; an expansion; accept lowerC) Low levels; a recession; negotiate higherD) High levels; an expansion; negotiate higherAnswer:A Diff: 2A-Head 14.4: Macroeconomic Equilibrium in the Long Run and the Short RunAACSB: Analytic thinking110) Because of a supply shock, in the short runA Diff: 2A-Head 14.4: Macroeconomic Equilibrium in the Long Run and the Short RunAACSB: Analytic thinking111) Which of the following is considered to be a supply shock?B Diff: 2A-Head 14.4: Macroeconomic Equilibrium in the Long Run and the Short Run We have textbook solutions for you!The document you are viewing contains questions related to this textbook. Macroeconomics Roger A. Arnold Expert Verified AACSB: Application of knowledge We have textbook solutions for you!The document you are viewing contains questions related to this textbook. The document you are viewing contains questions related to this textbook. Macroeconomics Roger A. Arnold Expert Verified Newly uploaded documentsWhen there is a decrease in the unemployment rate quizlet?When there is a decrease in the unemployment rate: The economy moves closer to the production possibilities curve. Suppose that if your income is $30,000, your tax is $3,000, but if your income is $90,000, your tax is $9,000.
How does unemployment hurt the economy as a whole quizlet?Unemployed people often rely on income support payments, and are not able to contribute to the production process. This means that employed people will have to shoulder greater costs, which in the long run, will lead to a reduction in an economy's living standards.
What is stagflation Stagflation occurs when quizlet?Stagflation is a situation of both high inflation and high unemployment; occurs when output is falling at the same time that prices are rising. The existence of labor unions and wage controls in nationalized industries sparked it.
Which of the following is one reason for the decline in aggregate demand?Income and Wealth: As household wealth increases, aggregate demand usually increases as well. Conversely, a decline in wealth usually leads to lower aggregate demand. Increases in personal savings will also lead to less demand for goods, which tends to occur during recessions.
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________ of unemployment during ________ make it easier for workers to ________ wages.
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