Wage Behaviour and Labour Employment in Australia (Essay Sample)
You should choose to write your review on one of the above four articles which you think you best understand and/or relates to the topic you are most interested in. In your review you are expected to summarize and appraise the article. You need therefore to focus on showing your understanding of the content of the article and the author’s argument. You are encouraged to research more widely and use other references to understand the topic to better assess the article. To get an idea of how to write a review you should look at book reviews published by journals.
there is no sources required, but still, cite the article you use and outside sources if you decide to use.
Wage Behaviour and Labour Employment in Australia
The paper is describing Australia’s policy of minimum wages. The country has an elaborate system of paying minimum wages to the people based on various factors including the industry, location of the business and the skills of the employee. The minimum wage changes in Australia are analyzed using the annual adjustments provided by the Fair Work Commission (FWC) since this model is the most common method used in Australia. The changes in the minimum wages are modest, incremental and predictable. The model establishes that the changes associated with wages are passed on in award-reliant jobs without consideration of the input of the number of hours worked and job loss to specific individuals ("Effect of Minimum Wage Increases on Wages, Hours Worked and Job Loss | Bulletin – September Quarter 2018").
The body responsible for providing a legal setting of minimum wages in Australia is the Fair Work Commission (FWC). The set value is always dependent on various factors ranging from the qualifications of the employee to the age of the worker, the industry that the worker is into the skill set of the employee. However, a general minimum pay cut was set to $ 18.93 per hour as of June 2018. The amount is just the stated minimum wage, and as earlier outlined it is subjected to fluctuations based on the above factors, for example, a supervisor of lift operators in a ski resort earns approximately $ 24.63 per hour. The National Minimum Wage (NMW) adjustment system for minimum wage is subjected to changes on an annual basis usually around July. There is often a consistent increase in the amount added to the minimum wage; a flat amount of dollar increment to every wage or raising the wage by a specific percentage. The 2018 wage review by the NMW saw a 3.5% increase of all wage awards across all fields. The Australian system of determining award wage is by far the better than any other nation in the world. Comparisons with other countries reveal that Australia’s policy sets its international award standards of the minimum wage. As opposed to other nations which set a single minimum wage for the entire country or individual states as in the case of the USA, the Australian policy has thousands of varied minimum wages ranges between $ 18.93 per hour to
You Might Also Like Other Topics Related to minimum wage:
- Economic Assignment USA. Mathematics & Economics CourseworkDescription: When Americans become thrifty they spend less money and this affects consumer expenditure/ spending. Consumer expenditure is a component of the aggregate demand (AD), and the AD will shift leftwards because of a decrease in consumer spending. AD=C+I+G+(X-M), where “C” is consumer expenditure...1 page/≈275 words | 1 Source | APA | Mathematics & Economics | Coursework |
- Employment and wages Mathematics & Economics Research PaperDescription: The articles Why American unemployment is so low, Employment down, productivity up, and Britain’s unemployment is ultra-low, but its wages are ultra-measly present different views that are united by a single factor which is unemployment. In the article Why American unemployment is so low...4 pages/≈1100 words | 3 Sources | APA | Mathematics & Economics | Research Paper |
- Analyse Whether Reforms Address Problems In This MarketDescription: Using a case study of your choice, discuss the political economy of labour markets, and analyse whether reforms address problems in this market. Social Sciences Essay...11 pages/≈3025 words | 15 Sources | Harvard | Social Sciences | Essay |