A minimum wage is the lowest remuneration that employers can legally pay their workers—the price floor below which workers may not sell their labor. Most countries had introduced minimum wage legislation by the end of the 20th century. Supply and demand models suggest that there may be employment losses from minimum wages. However, if the labor market is in a state of monopsony with only one employer available who is hiring , minimum wages can increase the efficiency of the market. There is debate about the full effects of minimum wages.
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Minimum wage in Canada - Wikipedia
Minimum wage in the United States
For this, we recommend the Variation Letter for your employee to sign. After signing, you should keep one copy for your records, and give the other to your employee. The minimum rates apply to all employees. It also applies if they are paid an hourly rate, a salary, a commission basis, or some sort of piece rate.
Minimum wages across the world differ significantly. Yet, what a worker can buy with their wage is not only determined by the amount, but also by purchasing power. While minimum wage traces its history back to medieval England, the first modern minimum wage laws were in fact introduced in Australia and New Zealand in the s.