Pros And Cons Of Minimum Wage - 991 Words

A minimum wage is the lowest remuneration that employers must legally pay their workers for their services. It is an example of a price floor below which workers may not wish to sell their labour legally. The purpose of minimum wages is to protect workers against low pay. They help ensure an equitable share of profits and a minimum living wage to all who are employed. Minimum wage 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 pay for equal value of work. This paper will discuss the pros and cons of minimum wage from the perspective of the Seafarers, Employers(Shipowners) and the government, keeping all the theories of microeconomics and†¦show more content†¦Shipping being such a large industry with over 1.6 million seafarers globally, consisting of both officers and ratings from countries such as China, Philippines, Russia, Ukraine and India supplying the largest number of seafarers to the industry. The number of seafarers have been predicted to grow in the future with an increase in demand for both officer as well as rating. To gain better understanding about the role minimum wage plays in the shipping industry we must gain knowledge about the different players in the maritime industry and their roles. In the early 20th century many shipowners, to reduce their costs decided to register their ship in countries which had minimum or weak regulatory system and to avoid union and with the advent of Panama and Liberian registries the shipowner’s decided to register ship with registers known as Flags of Convenience (FOC’s). These registries had a regulation free environment and these FOC’s help the shipowners to do away with any enforcement and neither the flag state attempts to enforce any laws on the shipowners nor does it make any laws so that power can be exercised upon shipowners. The incentives for shipowners to register their ships with Flags of Convenience were many, earlier the shipowner had to employ crew on the ship from the countries where the ship was registered andShow MoreRelatedThe Pros And Cons Of Minimum Wage994 Words   |  4 PagesThe idea of the minimum wage is that workers are guaranteed enough money to improve their standard of living. The price of the minimum wage is determined by the state, but a federal minimum wage is set. Some states choose to go above the minimum wage, while others, such as Alabama and Louisiana, choose to not have a minimum wage at all (Root). The minimum wage is important to society, because it can affect many people’s lives. There are many pros and cons to having a minimum wage in the United StatesRead MoreThe Pros And Cons Of The Minimum Wage769 Words   |  4 PagesDid you know minimum wage was $0.25 per hour in 1938? Since then it has raised to a whopping $7.25. Most readers will agree that there is a pro blem with this current minimum wage, considering the cost of living and salaries, Etc. However, they might not understand the complexity of the issue. In fact, the topic is not simply a question of if the minimum wage should be increased or kept the same, but more of a complex issue involving the different viewpoints on why people agree or disagree. Some reasonsRead MorePros And Cons Of The Minimum Wage1620 Words   |  7 PagesIncreasing the federal minimum wage has been a controversial topic around the United States; many people are in favor of raising the minimum wage, while others heavily oppose the idea. While everyone is entitled to their own opinion, statistics have shown that the minimum wage is closely correlated to public health, and it shows that this topic is a much bigger and broader picture than simply economics. The federal minimum wage has a history that dates all the way back to 1938, and the strong debatesRead MorePros And Cons Of The Minimum Wage1755 Words   |à ‚  8 PagesMinimum Wage: The Pros and Cons Looking back over the last century, minimum wage has been a divisive subject among policy makers and economists in the United States. As far back as 1938 when the Fair Labor Standards Act (FLSA) was first introduced, minimum wage has been a contentious issue. After much judicial opposition, President Franklin D. Roosevelt signed into law a bill which was a landmark in the nation’s social and economic development. The bill banned oppressive child labor, set the minimumRead MoreEssay on Pros and Cons of Minimum Wage701 Words   |  3 PagesPros and Cons of Minimum Wage The argument for minimum wage has remained remake consistent over the years. Some people are against minimum wage and the other think minimum wage can help you in a certain way. In the midst of the Great Depression, the Unites States federal government passed the Fair Labor Standards Act. The law has been amended almost every year to expand coverage of the wage floor and to increase the wage itself. Many of the fifty states have enacted their own minimum wage lawsRead MoreThe Pros and Cons of Abolishing Minimum Wage954 Words   |  4 PagesAbolishing Minimum Wage Increase, decrease or abolish minimum wage; which is best for our citizens and our economy? Minimum wage was implemented to help unskilled workers to make a living wage but as time goes on the value of minimum wage has plummet. In my research paper I will provide knowledge about minimum wage such as the history, purpose, benefits and the results. I will also present the pros and cons of abolishing the minimum wage and the increase/decrease of minimum. The minimum wage was originallyRead MorePros And Cons Of Raising The Minimum Wage1908 Words   |  8 PagesTai K. Lamar Jennifer Chicosky ENG-111-IN1 07/21/17 Raising the Minimum Wage from $7.25 Can you live off $7.25 an hour? Would you be able to pay all your bills, and have plenty of money left over for food, as well as personal pleasures? Imagine your salary was cut down to a forty-hour work week at the minimum wage salary in your state. Can you save money while on a minimum wage hourly salary? These same questions are on the minds of many Americans that are currently facing these struggles every timeRead MorePros and Cons of Raising a Minimum Wage Essay1126 Words   |  5 PagesMinimum Wage A minimum wage is the lowest hourly wage that employers have to compensate the workers for their service. Currently the federal minimum wage is $7.25 per hour. However, many states also have their own minimum wage laws. In those instances, the employee is entitled to the higher of the two minimum wages. In this paper we will discuss the brief history of the minimum wage law and its current legislation. We will also analyze the pros and cons of raising the minimum wage, and theRead MoreThe Pros And Cons Of Raising The Minimum Wage993 Words   |  4 PagesAlthough it is not a new topic in America, the decision to raise the minimum wage continues to be controversial, especially in the political realm. The political parties still move to block the opposing party from successfully implanting their ideals, causing either nothing to be accomplished or the situation to worsen. Research shows that raising the minimum wage a reasonable amount would lessen the gap between the rich and th e poor, continue to fulfill its original purpose of protecting workersRead MoreEssay on Pros and Cons of Raising the Minimum Wage1156 Words   |  5 PagesPros and Cons of Raising the Minimum Wage When you picture a minimum wage worker, who do you picture? Do you see a sixteen year old, a middle-aged mother, a college graduate, or even a senior citizen worker? In September of 2013, California governor Jerry Brown signed a new bill into act that would cause the California minimum wage to rise from the current $8.00 and hour to $10.00 and hour in increments over the next three years. The minimum wage rate will go up in two separate $1.00 boosts.