wage floor

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floor below which wages are not allowed to fall

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If employers observe wage floor laws on the books they are likely to be concerned with rises in such a floor.
The chart shows the current values of two proposed target wage floors. One is a 2020 federal minimum wage of $12, which is the equivalent of $10.92 in 2016 (based on CBO inflation projections); the second is a $15 minimum wage that would be fully phased in by 2021--about $13.34 in today's dollars.
Wednesday's announcement by a high-powered labor-led coalition that it will push to raise Oregon's minimum wage to $13.50 fundamentally changes the dynamics of the debate over the state's wage floor.
Nevertheless, there is also evidence that centralised wage setting has had some drawbacks in terms of reducing employment among low-skilled and younger workers because of high minimum wage floors. In the current wage setting system there are components that allow for greater relative wage flexibility.
These statutes mandate pre-established wage floors in public contracts for services.
Senator Edward Kennedy, a perennial sponsor of legislation to increase the minimum wage, has been quoted as saying "The minimum wage was one of the first--and is still one of the best--antipoverty programs we have." (2) Similarly, the Economic Policy Institute, while noting that other anti-poverty tools are needed, argues that "the living wage is a crucial tool in the effort to end poverty." (3) Thus, while there is generally no single measure with which the distributional effects of a policy can be assessed unambiguously, and while overall welfare effects are much more complicated, evaluating the impact of mandated wage floors on poverty is quite relevant to the policy debate.
In fiscal 2000, the ministry set daily wage floors for 248 industrial sectors nationwide.
[16] To the extent that employers' wage offers are constrained by minimum wage floors or that important variables have been omitted from the wage equation, our estimates may understate or overstate the employment effects.
The effect of such "wage floors" on tightening the labor market is a matter of great debate; some research suggests that estimates often given by employers and conservatives of their effect on increasing unemployment are grossly overstated, particularly for slight increases in the minimum wage.
Unemployment and nonparticipation in the labor force are common among young Africans but rare among whites, suggesting that "underemployment" of Africans could be exacerbated by union-negotiated wage floors that Industrial Councils may enforce.
Yet, in countries where the incidence of low pay is comparatively low, it is probable that higher levels of minimum wages, broader collective bargaining coverage, greater trade union density, and higher wage floors created by higher unemployment and other benefits, exist.
As such, Grant says Illinois would need a regional system like New York has, where different areas have different wage floors depending on many economic factors.
Stanley Siebert's on the economics of wage floors. In his analysis, wage floors (in other words, minimum wage laws) are just an easy way for politicians to garner votes by showing their concern without addressing real problems, especially in education.
Although there is no national minimum wage, wage floors determined in sectoral wage agreements may have a similar effect, with potentially adverse effects on the employment of younger workers, particularly given the interaction with the high tax wedge.
Also, even though early proposals typically pushed pay only up to around $7.50 (what the federal minimum wage would be if its value had not been eroded by inflation over the past three decades), the movement is now setting its sights higher, seeking wage floors as high as $12 an hour, or close to what the federal minimum wage would be today if it had also been adjusted for increases in productivity since the late 1960s.