Free Paper on Unveiling the Dynamics: Minimum Wage Laws, Business Economics, and Societal Impact

Business, the minimum wage, is the topic that I chose and settled on to kick-start my project. A few years ago, I attended a business summit that gave insight into minimum wage, which piqued my interest as it gave a lot of reflection on its definition and purpose. Through the discussion, I learned a lot, and I still wanted to know more about minimum wage in the broader scope, through intensive research, and that is how I arrived at this topic.

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Minimum wage can be defined as the lowest legal amount or rate of remuneration an employer can pay an employee for work done in a duration of time, for example, hourly. Minimum wages can be set by a wage council, a statute, tribunals, labor courts, or a wage board. Minimum wage, however, can be set differently according to countries and their policies. For example, in the USA, a statute is formed while in the United Kingdom, the minimum wage is set by a wage council. In the year 1938, the minimum wage was introduced in the United States, and at least 7.25 dollars an hour is the required minimum wage by federal law (U.S Department of Labor).

Minimum wage laws are designed to improve living standards, prevent employees from exploitation, and reduce poverty levels. Laws in business minimum wage assist in ensuring that all earners receive equitable and just shares, and protection, in the case where a wage problem occurs, that is, if a worker is paid lower than the minimum wage. Also, the minimum wage can be used as a tool to reduce or prevent inequality in gender-sensitive cases by promoting equal pay for an equal value of work performed by both women and men.

For minimum wage to be termed effective, first and foremost, it should cover protection to all workers, their gender, age, and ethnicity, notwithstanding, not forgetting the disabled. Secondly, minimum wage laws should cover the needs of the learners and their families, in the sense that the workers should not be paid a lower amount than the minimum wage set, which is supposed to maintain the worker’s financial life as well as their families. Lastly, to ensure that the employers comply with the minimum wage laws, policies, and regulations, and fail to provide accountability ultimately.

During my brainstorming activities, I considered some ideas regarding the topic, which include the history of minimum wage and the role it plays in society, business economics, and the economic development of a country. I chose this topic as I would like to have more insight into the dynamics surrounding minimum wage laws and how I can be protected as an individual when I start working. The universal value of minimum wage in business creates fairness and responsibility. In fairness, I was ensuring that all workers receive their wages equally and fairly despite their diversity—accountability in the sense that employers are accountable for complying with the minimum wage regulations.

The initial research I have conducted is through the United States minimum wage chart, which shows different minimum wage rates in the other states. Also, a journal from the Congress of the United States Congressional budget focuses on the link between minimum wage, family income, and employment.

As I continue researching more on minimum wage, I hope to learn the history of the minimum wage, how the policy was introduced, who passed it, and why it was introduced. Secondly, the relationship between minimum wage and the law, that is, how the two subjects affect each other and their dependence on each other. Thirdly, I hope to get more insight into issues and cases arising from minimum wage violations and how they are solved. Lastly, for school-going children who work, I hope to understand if the minimum wage applies to them and if yes, how they are protected.

Works Cited

Congressional Budget Office. (2019). The Effects on Employment and Family Income of Increasing the Federal Minimum Wage.

International Labour Organization. "1.4 The Main ILO Conventions." International Labour Organization, 3 Dec. 2015, www.ilo.org/global/topics/wages/minimum-wages/definition/WCMS_439070/lang--en/index.htm. Accessed 15 Sept. 2020.

U.S Department of Labor. "Minimum Wage." U.S. Department of Labor, Department of Labor, www.dol.gov/general/topic/wages/minimumwage. Accessed 15 Sept. 2020.