16 Facts About Minimum wage

The movement for a minimum wage was initially focused on stopping sweatshop labor and controlling the proliferation of sweatshops in manufacturing industries.

Minimum wage rates vary greatly across many different jurisdictions, not only in setting a particular amount of money—for example $7.

Supply and demand model predicts that raising the minimum wage helps workers whose wages are raised, and hurts people who are not hired when companies cut back on employment.

Gary Fields, Professor of Labor Economics and Economics at Cornell University, argues that the standard textbook model for the minimum wage is ambiguous, and that the standard theoretical arguments incorrectly measure only a one-sector market.

Until the mid-1990s, a general consensus existed among economists, both conservative and liberal, that the minimum wage reduced employment, especially among younger and low-skill workers.

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In 1996, David Neumark and William Wascher reexamined Card and Krueger's result using administrative payroll records from a sample of large fast food restaurant chains, and reported that minimum wage increases were followed by decreases in employment.

However, authors found that the lack of employment responses masks some important structural shifts in the economy: the minimum wage led to a reallocation of workers from smaller to larger, from lower-paying to higher-paying and from less- to more-productive establishments.

Minimum wage laws affect workers in most low-paid fields of employment and have usually been judged against the criterion of reducing poverty.

Minimum wage laws receive less support from economists than from the general public.

Widely circulated argument that the minimum wage was ineffective at reducing poverty was provided by George Stigler in 1949:.

In 2014, supporters of minimum wage cited news organizations who reported the state with the highest minimum-wage garnered more job creation than the rest of the United States.

In 2014, in Seattle, Washington, liberal and progressive business owners who had supported the city's new $15 minimum wage said they might hold off on expanding their businesses and thus creating new jobs, due to the uncertain timescale of the wage increase implementation.

Proponents argue that a basic income that is based on a broad tax base would be more economically efficient than a minimum wage, as the minimum wage effectively imposes a high marginal tax on employers, causing losses in efficiency.

Minimum monthly wage set at LBP 675,000, which valued USD 450 prior to the crisis, is barely reaching USD 30 nowadays.

The minimum wage increased regularly in the period from 2000 to 2007 and reached €8.

The minimum wage committee decided to raise the minimum wage in 2018 by 16.