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Why India has no national minimum wage. Under the Code on Wages Act, 2019, workers from all industries are entitled to receive minimum wages fixed by their respective state governments.

Minimum wage laws set the lowest hourly rate an employer can legally pay certain workers. The federal minimum wage is currently $7.25 per hour. Where states and municipalities have enacted their own higher minimum wage laws, employers must pay at least the state or local minimum.

Supporters argue that increasing minimum wage can stimulate consumer spending and boost the overall economy by putting more money in the hands of low-wage workers. Critics, on the other hand, warn that higher labor costs might lead to job cuts, automation, and increased prices for goods and services.

The minimum wage is a type of fiscal policy. Monetary policy is economic policy enacted through central banking. The minimum wage is NOT a type of monetary policy. Supply-side is a macroeconomic theory that growth is best achieved through capital investment and lowering barriers to production.

Wage structure is the hierarchy within a company that sets the amount each level of employment is paid and what benefits each level is due. Lower-level employees are paid less than other people at the business, and these employees may get an hourly wage as opposed to a set salary.

Raising the minimum wage means that business owners and employees in the United States are legally required to raise the hourly wage for their minimum wage workers?and only their minimum wage workers. If you're already earning above minimum wage, your employer won't be required to give you a pay increase too.

Also known as a ?wage structure? or ?salary structure,? a compensation structure is the strategy you use to determine how each employee in your company is paid. It considers information like the length of employment, industry minimums and maximums, and merit.