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+---- Thread: U.S. Minimum Wage Increase (/Thread-U-S-Minimum-Wage-Increase)
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RE: U.S. Minimum Wage Increase - Theós - 10-13-2016
(10-13-2016, 03:30 AM)VirtualFrost Wrote:(10-13-2016, 02:24 AM)Theós Wrote:(10-12-2016, 07:47 AM)VirtualFrost Wrote: Does the US have a system where once you hit the minimum working age, your pay goes up every year until you hit 21? Here in Australia it's like that, the minimum wage I believe is something like $12 (Roughly $9.10USD) and goes up by a percentage every year until you hit 21. If you're talking about younger people earning $15 at the beginning, that'd be such a massive increase and people would certainly become a lot wealthier quicker so prices everywhere would just increase. I don't know economics well myself, but that's how I see it playing out at least.
(10-12-2016, 07:52 PM)Zodiac Wrote:(10-12-2016, 07:48 PM)Zaiken Wrote:(10-12-2016, 07:14 PM)Zodiac Wrote: What is the current minimum wage? I was recently given a pay rise since the minimum wage increased from £3.30 an hour (I think) to £4. I was originally on £4.50 but moved up to £5.50. But I do agree. $15 is a hell of a lot of money for say a 16 year old. That's £12 here.
wtf... i thought uk minimum wage was around £8.
Depends on age. I believe it's around £7 when you hit 18 or 21 - can't remember.
America doesn't pay by age xD
Fuck that, what determines getting paid more or less? If a 15 year old and 21 year old work at the same place, they're getting the exact same amount?
What determines pay is how the business works. Like if you worked for X amount of years at some point you'll get promoted and get more pay. So let's say a 16 year old worked at a Mcdonald's for 2 years and they are 18 now. They can be manager, and earn more than a 25 year old who just started working.
RE: U.S. Minimum Wage Increase - Jebusfathead - 10-13-2016
Thx for this, in economics we have to talk about shit like this and I don't look at the news so now I know.
Increased minimum wage -> increased business production costs -> higher prices of goods/services also people being laid off -> cost of living goes up -> people demand more money from their employers so they can actually afford to live -> increase in the general wage -> back to the start.
Also inflation. But this is all based on the magnitude of change obviously.