...Although the terms “minimum wage” and “living wage” are used interchangeably, there is a significant difference between these two. Minimum wage is usually determined by the government, while a living wage is the amount required to live a safe and decent life with access to basic amenities including education, recreation and saving for retirement. There are many possibilities that minimum wage falls below the living wage for its failure to fulfill the basic needs. Therefore, a living wage is a far more realistic yardstick of minimum income than the minimum wage. Although living wage is a better and realistic than minimum wage, it is difficult to have auniform minimum wage reflecting the living wage accurately. Living wage varies from state...
Words: 318 - Pages: 2
...As for the employers in the private, public, and non-profit sectors where the living wage has been implemented, it was stated by A. Johnstone & T. Cooper (2013) “that is has improved productivity and that there has been a significant reduction in training costs and absenteeism.” The living wage policy benefits majority of people throughout the globe. In Canada, some of the benefits of the living wage is that it’ “enables working families to have sufficient income to cover reasonable costs, it promotes social inclusions, supports healthy child development principles and ensures that families are not under severe financial stress.” (Living Wage Canada, 2013) Yes, the living wage policy is overall very beneficial for the employees that do receive...
Words: 1411 - Pages: 6
...The living wage movement is an economic reform movement that has become one of the most substantial public policy issues. Although, there is no absolute definition, it is repeatedly defined as an hourly salary that admits working families of four to have an income that is higher than the federal poverty line. This means that the livable wage laws often designate that hourly wages should be two to three times above the federal minimum wage. However, unlike the minimum wage, the living wage has only been discoursed on the county and city level so far. Cities and counties continuously apply the living wage for companies that have contracts with their respective cities and counties, acquire recedes from their cities or counties, other economic benefits cities and counties supply to companies, and in some cases a livable wage is required for the tourist areas of the selective city. When the Democratic Party acquired authority of Congress, as part of its "100 Hour" plan it expeditiously presented legislation to higher the federal minimum wage from the current $5.15 per hour to $7.25 per hour. The partisan debate had been, unbelievably predictable, such as, Democratic people supporting an idea of the allege involvement for poor and working families, and Republican opponents allege involvement and concern for the percussion the hike may have on small business and inclusive employment. After all, the legislation has passed both houses in differing bills. The minimum wage hike...
Words: 260 - Pages: 2
...The national living wage is an obligatory minimum wage paid to workers aged 25 and above in the UK. For example, the current national living wage is £7.50 per hour and will rise to £7.83 per hour in April 2018. The national living wage was introduced in 2015 and came into effect in April 2016. In this piece of writing,one will explore and evaluate the national living wage from an economic perspective with regard to its likely impact on employment. The ways in which the national living wage will have an impact on poverty in the UK will be further examined. As a starting point, it must be emphasised that individuals are increasingly likely to live in societies where most parts fail to earn the necessary income required to sustain an adequate...
Words: 1640 - Pages: 7
...earn an income that allows only the most basic of needs. In recent years, minimum wage has become an important topic. Many businesses are against raising wages, favoring a higher profit margin at the cost of worker satisfaction. Skilled workers worry if the wages for unskilled workers increases, working in a trade or profession might not appear as lucrative. I believe that a living wage must be implemented to ensure...
Words: 978 - Pages: 4
...Brendon Burchard, the protagonist learns how to change his life, to put him on the right path. Dwelling on the past negative events of the past only made it hard to move on, but prevent him from moving on presently. This is an important lesson that the protagonist learns, but he also needs to learn about going forward with a positive attitude, and I will teach him this lesson through my attraction of the rollercoaster. When someone is being a negative person, they are opposed to changes. In the beginning of the novel, the protagonist starts out closed minded with a negative attitude. The protagonist already decided that the world is a dark and dangerous place, other people are unfair and hurtful, and you yourself are inadequate. He was living his life in a dark and as a puppet to society. He would come home from work in misery, sensor out his fiancé, and added a disclosure sign to his life. In chapter 10, the protagonist learns what caused the negativity in his life and is taught how to deal with it. He defeated his first opponent, but failed to defeat himself. “A mirror image of me stepped onto the deck. He wore the same clothes that I did. He stood the same way I did. He held the same shield and sword” (91) the protagonist is confronted with his negative self. This quote is significant...
Words: 1263 - Pages: 6
...Another incentive to increase the minimum wage is the fact that living costs simply do not add up for minimum wage workers. That is to say, the current minimum wage simply does not match the current living wage for most of these Americans. A living wage is essentially the income necessary for a person to provide for themselves or their family. In a 2014 article for CUNY’s New Labor Forum, Peter Dreier recalled the introduction of the term “living wage” itself removed stigma attached to low-wage workers because it revealed the problem not as a situation of people who are in poverty due to bad decisions and lack of intelligence or motivation but rather as a situation where mothers, fathers and children’s can’t even make the means to meet their basic physiological needs despite working full-time, (Dreier, 2014). Economists calculate recommended living wages based on the cost of living in a given area and the housing size as well if it is a single parent household. According to the U.S. Department of Labor, the current minimum wage was determined by amendments passed by the Fair Labor Standards Act in 2007 that proposed it would be incrementally be raised to $7.25 per hour effective on July 24, 2009, (U.S. Department of Labor). This rate has not increased since then despite ever-increasing living costs and despite the fact that productivity has risen, where productivity is measured by how much output can be produced in an average hour of work. According to analyst Lawrence Mishel...
Words: 655 - Pages: 3
...The Minimum Wage Rate The minimum wage rate (the lowest legal rate to pay employees) has become a very controversial issue in the Unites States in recent years. The minimum wage rate does not reach the average living wage rate (the amount it costs to live in an area) in most parts of the country. The minimum wage rate is currently $7.25 in America, while the living wage rate for smaller cities such as Racine WI is $8.66 and Kenosha WI at $8.97 (Living Wage Calculator). The minimum wage rate needs to be raised to equal living wage rate in order for people to cover their living expenses. People also need to be able to set aside money for emergency situations. Human beings should be entitled to the basic necessities in life. According to Jeannette Wicks, "nearly two-thirds of people in households with incomes above the poverty line but below twice that level reported serious economic hardships--failing to pay their rent, having their phone disconnected, worrying about running out of food, or relying on the emergency room for routine medical care" (Wicks-Lim). Without a minimum wage rate that equals the living wage rate, people will continue to fall into a hole of debt they cannot dig themselves out of. It is not acceptable to allow people to fall further and further into debt, while businesses continue to deposit money in their savings accounts. Minimum wage does not provide a suitable savings for the average minimum wage worker. According to Jeannette Wicks-Lim, the average...
Words: 605 - Pages: 3
...to make ends meet, the living-wage pay seems like an ideal solution to help. The living-wage allows employees to meet their basic needs. (Chapman & Thompson, 2006) IKEA is trying to create a better life for its employees by implementing the living-wage. The living-wage also creates a workforce that is higher skilled, provides better customer service, and less turnover. This is more cost efficient for a company. (Bell, 2014) Risk and Challenges Issues for a business implementing the living-wage is productivity, skill of workers, and employee financial issues. While IKEA is not raising prices with the living-wage, it might have to adjust the amount of employees it schedules and hires, so an employee might be doing the job of 2 to 3 instead of just one employee. IKEA might have make the workforce more productive, and this would lead to less jobs within the company. (Chan, 2015) Employees might also be working less hours than full-time due to the increase of pay and less jobs being created. The other factor is that employees may not be able to have yearly increases if the business profit/loss is not adequate. This might create a turnover in employees if the living-wage is not increased yearly. (Geiger, 2015) An issue that IKEA might be faced with is low-skilled employees slowly fading away and higher skilled employees hired since the wage is higher. (Chapman & Thompson, 2006) With jobs more desirable since they pay more than the average minimum wage, the applicants that apply...
Words: 760 - Pages: 4
...Arianne Dyball MAIN Geography Miss Green Issue I Will be looking into Exploitation of workers. Wages and Hours? Child Labour? How are employees treated? Safety and exposure to toxins and lack of trade unions and equal rights for disabled e.t.c.? Global issues, how is waste disposed? Are any resources being polluted? Carbon footprints? Primark Evidence found underpaying workers and not paying overtime. Evidence found child labour being used. Evidence found of lack of regard for workers’ rights and lack of safety. Marks and Spencer's Evidence found fair pay for workers. Evidence found of use of child labour early on. Evidence found helping to assist workers to be shown how to how to do job properly. Evidence found changing to more ecofriendly recycled bags. Evidence found helping environment with ‘Plan A’. Evidence of Social Responsibility for Primark. This shows that Primark takes into account all social issues relating to the customers and stake holders. Evidence 1. This is an opinion of a stake holder (Primark’s owner). Primark's code of Conduct Primark’s code of Conduct: • Employment is freely chosen collective bargaining are respected • Working conditions are safe and hygienic • Child labour shall not be used • Living wages are paid • Working hours are not excessive • No discrimination is practised • Regular employment is provided • No harsh or inhumane treatment is allowed. • Freedom of association and the right to A limitation is that...
Words: 2128 - Pages: 9
...A study of Social Compliance policy activity and its impact “AARONG” “The fusion of Tradition and Innovation” 1 Submitted To Mr. Sumaon Paul Chowdhury Senior Lecturer, BRAC Business School BRAC University, Dhaka Submitted By Abu Fardous Md. Abdullaah Choudhury Id# 05304057 BRAC University, Dhaka May 18th , 2010 2 Letter of Transmittal May 18th 2010 Mr. Suman Paul Chowdhury Senior lecturer BRAC Business School BRAC University 66, Mohakhali C\A, Dhaka-1212 Dear Sir, This is the report is on study of Aarong’s social compliance policies activities and its impact, which I have been assigned to work on. I found my work experience quite interesting, beneficial & insightful. I have tried my level best to prepare an effective & creditable report. I honestly hope that my analysis will help you to give an idea of my work experience and knowledge. Sincerely Yours, Abu Fardous Md. Abdullah Choudhury……………….. 3 Acknowledgements I got the chance to work on Aarong and it is a very good learning experience for me. It was a lifetime opportunity for me to get real life experience in the field of social compliance through such a big company. We would like to take this opportunity to express sincere thanks to the following people for their contributions and assistance. Without their help and support my internship would have more obstacles. First of all, I would like to thank and express my gratitude to Naushaba chowdhury, senior manager social compliance and producer relations, Aarong...
Words: 8449 - Pages: 34
...com/BUS-405-WK-6-Quiz-5-Chapter-7-All-Possible-Questions-BUS4055.htm BUS 405 WK 6 Quiz 5 Chapter 7 - All Possible Questions TRUE/FALSE 1. The majority of private sector union contracts do not contain a cost-of-living adjustment (COLA) clause. 2. The majority of private sector employees participate in a profit sharing plan. 3. Most unions consider gain sharing plans as an adequate substitute for traditional negotiated hourly wage gains. 4. The global economy of today has made it easier for employers to pass labor cost increases on to consumers by raising product or service prices. 5. Skill-based pay sets the wage rate according to a job's title (type). 6. Wages and other economic benefits represent income to employees, costs to an employer, and a basis for tax revenue to the government. 7. The majority of private sector union contracts contain a two-tier pay plan. 8. Union leaders favor job evaluation more than managers for use in designing the wage structure. 9. If a union wishes to encourage solidarity within its membership at a particular firm, it should not negotiate for a two-tier pay plan. 10. Labor market wage surveys are not used to ensure that a firm's wage structure is externally equitable. 11. Wage comparability is a fairly easy concept to apply to set wage rates for different jobs. 12. The monetary value of employee benefits provided by unionized employers exceeds the value of employee benefits provided by nonunion employers. 13. A Scanlon plan,...
Words: 1302 - Pages: 6
...International Economics 3307AFE Group Assignment | Extend the table 1.3, examine the openness for various countries and analyse the relationship between the openness and the faster long-term growth in standard of living | (Makin, A.J., 2002, p.10) | | | | Sanjeev Henny s2760582 Yu-Ting, Lin s2672341 Yen-Ting, Lee s2768300 World count: 985 | With the increasing globalization of most economies, there is consequently more focus on understanding how international integrations influence macroeconomic performance. Economists use numerous indicators to measure the degree of an economy’s openness. One of the common indicators is the percentage of trade as a share of gross domestic product (GDP). It is the sum of exports and imports of goods and services measured as a share of GDP. (World Bank, 2013). This essay will firstly generally examine the degree of openness for various countries by using the percentage of trade as a share of GDP. It will then outline Singapore as the most open country, Brazil as the least open country and the most rapidly increased openness: Hong Kong. Finally, it will examine whether the degree of openness is correlated with faster long term growth in standard of living. In advanced economies, there are many kinds of methods to analyse an economy’s openness. There has been one commonly used indicator which is the percentage value of the sum of exports plus imports as a share of national product. (Makin, 2009...
Words: 1231 - Pages: 5
...it is essentially like stepping onto a car dealer’s lot. They immediately start trying to sell the military to the potential recruit, informing them of all the pay and benefits that come along with being in the Armed Forces. One of those benefits is a steady pay raise each year to account for the increase in the cost-of-living. According to the Social Security Administration, the cost of living for the past three years has increased by 1.5%, 1.7%, and 3.6% for the years 2013, 2012, and 2011 respectively (Cost-of-Living Adjustments, n.d.). In the past, Congress has taken that increase in the cost-of-living into account and increased military pay accordingly. The military pay increases for the past three years were 1.7%, 1.6%, 1.4% for the years 2013, 2012, and 2011 respectively according to Navy CyberSpace (U.S Military Basic Pay History, 2014). So, with the exception of 2011 where the pay increase was over 2% less than the cost-of-living increase, the pay increases and cost-of-living increases have been fairly similar. For any possible recruit thinking about the long term, knowing that they will get a pay raise each year to help offset the increase in living costs is appealing. According to Military.com, more than 180,000 people enlist in the Armed Forces each year (10 Steps to Joining...
Words: 1085 - Pages: 5
...http://www.studymode.com/download/?id=50431478&token=c... Globalisation has benefited the richest countries at the expense of the poorest. By asmulicious | Studymode.com 1. Globalisation has benefited the richest countries at the expense of the poorest. Globalisation is the transportation of trades, ideas, technology and capital from national economies to international economy. It promotes free trade, free market, capital flow, communication and allows more competition. The process is possible through recent advances in telecommunication, for example most of US and British service sector relocate its call centre facilities to low wage countries such as India, where they earn high profit by paying low wage to its labour and provide low standard of living. Another example is the clothes industries designed in high wage countries, manufactured in low income countries then sold in UK or other part of Europe and America counties. Rich countries take advantage poor countries in order to gain good returns. The process occurs through multinational companies who goes to poor countries and buy their factor endowment at cheaper prices and sell at higher prices. An example OPEC (Organisation of Petroleum Exporting Countries) act as joint venture uses Nigeria to extract crude oil earning billion of dollars from it and “leave the residents of the area like horse manure.” (www.nigeria-planet.com). U.S imports about 10% of Nigerian crude oil. They extract oil and leave Nigeria to...
Words: 539 - Pages: 3
