When minimum wage increases to $15, do the people who are already making that increase get an increase in pay?
Usually.Raising the minimum wage in reasonable increments over a period of time reduces income inequality and improves GDP.This topic is probably the most studied topic in all of economics, and the evidence is pretty conclusive. The capstone studies came from Kruger-Card in the 1990s. They compared identical communities on the opposite side of a state line. One state raised the minimum wage, the other didn’t. Kruger and Card then normalized out every other factor and concluded that systematic increases in the minimum wage has a number of positive effects includingReduced income inequalityHigher GDPGreater social cohesion / higher voter participationMake no mistake though, there is some theoretical wealth transfer from rich to poor AND more importantly, there is a real wealth transfer from “capital” to “labor”The GOP has sponsored a sustained campaign of misinformation to fight this cause. Basically, they make the argument that “if you raise the cost of something, less people will use it” Intuitively, that answer makes sense. However, it conveniently confuses “microeconomics” with “macroeconomics”. The important distinction is the latter considers secondary effects. Like:the workers receiving the higher wage will, in-turn spend that money and create new jobsmonetary velocity of additional marginal dollars is much higher for lower wage workers than it is for wealthy - they spend that dollar faster rather than save itbusiness that are only profitable because they exploit workers for too low of a wage are better off being shut down.
When minimum wage is 8.25 an hour is it legal to make 7.75 an hour?
If you're under 18, then yes, you can be paid 50 cents an hour less than minimum wage, which makes it $7.75/hr. Sucks, but that's the law in Illinois. EDIT: The only way this is illegal or something to pursue with the labor board is if you are over 18. $7.75/hour is more than the federal minimum wage of $7.25/hr, and is the legal minimum wage in Illinois for minors. I've been working in and hiring people in Illinois for almost 15 years now. Here's your source-read the very first paragraph at the top of the page: http://www.state.il.us/agency/idol/laws/...
I get paid minimum wage 9.00hr, if i put in my taxes that i claim 0 what does that mean? and if i get paid ...
ok you found a nice little "secret" about w2 info. I am single and claim ZERO on my w-4 but claim one on my 1040 (perfectly legal too) they do take the most taxes at ZERO BUT you are very likely to get it back at tax time. to really see the differences head to the link below. This is teh site I use ofte and it is pretty much accurate.
If minimum wage goes up to $15 an hour will the wages of educated and skilled workers (who were already earning between $15 and $18) be also adjusted, or will they end up earning the same as if they were 16 y.o. kids flipping burgers?
Yes, but the pay increases for those above minimum wage will increase at a diminishing rate.So, lets say, in order to make the math easy, minimum wage is $8 an hour, and gets raised to $16. That's a doubling of thier pay. Will people making $16 already goto $32? Will they even go to $24?The answer is, probably not. The value they bring to the company isn't likely that much more than $16 an hour. They must see an increase, or the value of the job they work isn't so valuable anymore. They will look for an easier or more flexible position to settle in with the new pay scale. But, the raise won't likely be on the same level as what people below minimum get. I'd hazard to guess that the raise would be maybe to around $20.When Walmart did it's recent bumps to their current minimum wage (not the pending one of $11, but the current $10) people earning in the gap between $7.25 and $10 got a.raise to $10. People at $10 to about $15 saw a bump of about a. $1 at most, and it trickled off from there. People making $20 (salaried emplouees) stayed the same.Similar impacts have happened in cities and states that have raised minimum wage. Seattle, although seeing growth, finally bumped into its wage equilibrium, and started to see some negative impacts. Small businesses were taking a hit. Prices were also starting to push up. Many hourly workers, who saw an increase in pay,.saw a dip in hours, that actually lowered their weekly pay. The minimum wage increase outpaced economic growth.The long and short of it is, minimum wage doesn't work in a vacuum. Imagine if we bumped up minimum wage to $10 an hour right before the recession hit in 2008. What impact would that have had? On the flip side, how about the boom in 1996? Wages were naturally increasing then?And no matter what the minimum wage is, if you are only earning minimum, odds are, you'll still be broke.
How long will it take to get 1500 ($) working at minimum wage?
First off, you're wrong about the minimum wage as it applies to you. For students under 18 years old, the minimum wage in Ontario is $9.60. Secondly, some statutory deductions will be made from your pay. You'll probably get most of it back from the government at tax time (think: next spring) - technically CPP isn't payable by those under 18, and your income will probably be low enough that you won't actually have to pay any income taxes, but that may not stop the employer from withholding and remitting them to the government up front. You will be on the hook for EI premiums. So it isn't the simple arithmetical exercise being used by other answerers. Bottom line is that, if you're getting paid on a biweekly basis (which isn't true of all employers) and working 50 hours a week (which is pretty ambitious) you'll probably have $1500 after your first two full pay periods. But there's usually a delay for payday. (Sometimes payday falls something like a week, give or take after the end of the pay period. So if the pay period ran from Monday July 2 to Friday July 13, then you might get paid for those two weeks somewhere around the 20th.) In other words, even under the conditions that you're working 50 hours per week and getting paid bi-weekly, don't count on having $1500 in your pocket until something like 5-6 weeks after you start. (If you start at the beginning of a pay period, you'll get your second pay cheque after about 5 weeks. If you start in the middle of a pay period, your second pay cheque will come after about 4 weeks, but won't get you above the 1500 mark, so you'll have to wait for your third pay.)
Do you get paid the first week of work?
you will get paid for the time you worked, but it usually takes a while for everything to be entered into the computers etc. Where I work I just got paid today, but the pay I got was for the work I did from July 30th to August 10 Next week you will get paid for this weeks work. Then when you quit your job, you get your pay a week after you finished working.