Minimum Wage Increase? By Jon Corzine Essay

1006 Words Nov 3rd, 2016 5 Pages
Minimum Wage Increase? "No family gets rich from earning the minimum wage. In fact, the current minimum wage does not even lift a family out of poverty." -- Jon Corzine. Many people can think back and remember what it was like to put in an application for that first job and be presented with a position. Taking that position represents adulthood and is a very exciting time for a young person. All first jobs usually start with a minimum wage. Minimum wage is the minimum an employer has to pay an unskilled worker based on the regulations set forth by the Fair Labor Standards Act (FLSA) that was originally established in 1938. The minimum wage has a number of positive and negative effects on businesses, families, and individual workers. Minimum wage is defined as the lowest hourly, daily or monthly salary that employers may legally pay to workers. Minimum wage is the lowest amount where workers may sell their services which in term are known as the market floor for wage. Before minimum wage was proposed and enforced, employers would take advantage of women and young workers by underpaying them. Now employees are protected under the law to receive a certain lowest amount for their labor in low payment jobs. Businesses that rely to a large extent on unskilled labor generally experience dramatic increases in wage expenses as a result of a minimum wage, since a minimum wage virtually eliminates companies ' ability to negotiate wages for their lowest-level employees. According…

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