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  1. Wage compression (also known as salary compression and pay compression) [1] refers to the empirical regularity that wages for low-skilled workers and wages for high-skilled workers tend toward one another. As a result, the prevailing wage for a low-skilled worker exceeds the market-clearing wage, resulting in unemployment for low-skilled workers.

  2. United Kingdom labour law regulates the relations between workers, employers and trade unions. [2] People at work in the UK have a minimum set of employment rights, [3] from Acts of Parliament, Regulations, common law and equity. This includes the right to a minimum wage of £11.44 for over-23-year-olds from April 2023 under the National Minimum Wage Act 1998. [4] The Working Time Regulations ...

  3. en.wikipedia.org › wiki › Wage_curveWage curve - Wikipedia

    One way to understand the wage curve is as follows. The labour supply of each individual is positively correlated to wages, therefore the higher is the hourly wage offered, the more hours an individual is willing to work. However, there is a limit to which every person would be willing to sacrifice an hour of leisure or rest, for an hour's worth of wages. Let's say that X is the maximum number ...

  4. Average annual wages per full-time equivalent dependent employee are obtained by dividing the national-accounts-based total wage bill by the average number of employees in the total economy, which is then multiplied by the ratio of average usual weekly hours per full-time employee to average usually weekly hours for all employees.

  5. Federal laws. The federal minimum wage in the United States has been $7.25 per hour since July 2009, the last time Congress raised it. [45] Some types of labor are exempt: Employers may pay tipped labor a minimum of $2.13 per hour, as long as the hour wage plus tip income equals at least the minimum wage.

  6. Reservation wage. In labor economics, the reservation wage is the lowest wage rate at which a worker would be willing to accept a particular type of job. [1] This wage is a theoretical representation of the hourly rate at which an individual values their own leisure time. [2] A job offer involving the same type of work and the same working ...

  7. As wage labor became increasingly formalized during the Industrial Revolution, women were often paid less than their male counterparts for the same labor, whether for the explicit reason that they were women or under another pretext. The principle of equal pay for equal work arose at the same part of first-wave feminism, with early efforts for equal pay being associated with nineteenth-century ...