As an employer, one of the most difficult decisions to make is, how much to pay an employee for their experience, education, and job position. Many countries have a minimum wage.
Read the excerpt below then: (Maximum 150 words)
State what the Bahamian minimum wage is AND
Discuss the importance of setting a livable minimum wage
Use at least two of the bolded words in your discussion.
A LIVING WAGE
A living wage refers to the minimum wage workers require to meet basic needs. Many countries have passed minimum wage laws to provide employees with a living wage (whether the minimum wage is actually enough to meet a workers basic needs is highly debatable). These laws vary from country to country. While the United States has a federal minimum wage law of $ 7.25 per hour, Australias minimum wage is $ 15.37 per hour, while the United Kingdoms minimum wage equals $ 9.57 per hour for workers 21 or older. 77 Regions within these countries may adopt higher regional minimum wage laws to account for higher costs of living. The issue of a living wage is a controversial topic for MNCs. Because laws of industrialized countries dictate employers must pay a minimum wage, some MNCs choose to outsource their labor to other countries where no minimum wage exists. While not necessarily unethical in and of itself, this practice becomes a significant ethical dilemma when the public perceives the organization as paying foreign laborers unfair wages. The problem multinationals face is finding a solution that balances the interests of the company with those of its employees and other interested stakeholders. Nike continues to be criticized for the wages paid to factory workers in other countries. While Nike claims it pays workers in these countries higher than the mandated minimum wage laws of the country, critics point out the amount is not suitable to cover living expenses of workers or their families. Nike contends that a fair wage is hard to determine when dealing with other countries, a statement with which many multinationals would likely agree. However, the concept of a living wage is a challenge companies must acknowledge if they hope to successfully do business in the global environment.
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