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Transcript of MINIMUM WAGE
According to the Bureau of Labor Statistics, last year:
1.6 million workers earned the federal minimum of $7.25 an hour;
nearly 1.8 million more earned less than that because they fell under one of several exemptions:
* tipped employees who can be paid 2.18 per hour provided their employer reports their tips as income
*certain disabled workers
for a total of 3.3 million hourly workers at or below the federal minimum.
...4.5 million workers. Approximately 80% of these workers (3.6 million) start at minimum wage and are never promoted to management positions.
top ten worst paying companies in the US.
They employ over .......
Who are minimum
About 2/3 of minimum wage workers are women
This total doesn't include workers who live in states where the minimum wage exceeds the federal minimum wage
How many people work for minimum wage?
CEOs at nine of these 10 companies are paid more than $10 million annually, while Michael Duke and Howard Schultz, CEOs of Walmart and Starbucks, each receive more than $20 million per year.
Perhaps a fairer measure that may indicate whether a company can afford to increase its employees’ wages is the profitability of these companies. Net income in all but one of these companies has increased over the past five fiscal years.
Kroger’s net income more than tripled since fiscal year 2008 to nearly $1.4 billion.
Sears' net income, on the other hand, has declined significantly during that time. The company recorded a net loss of $930 million this year.
Support for low wage workers includes......
Financial planning tools that assume the worker:
*pays $600 per month for housing
*works two jobs (between 60-70 hours per week)
* pays $20 a month for health insurance
*doesn't need to pay for child care, school supplies, clothing or transportation expenses
......and helplines sponsored by McDonalds to help people survive below the Mcpoverty line.
This helpline provides information about finding food pantries and phone numbers for social services like SNAP and Medicaid
The human costs of minimum wage.......
......a woman dies while napping in her car between part-time minimum wage jobs
....a woman arrested for allowing her 9 year old to play in a park during her shift at McDonalds. The woman later said she couldn't afford child care.
Sad....but not our problem?
* More than half (52 percent) of the families of front-line fast-food workers that earn either federal or state minimum wage are enrolled in one or more
public programs, compared to 25 percent of the workforce as a whole.
*The cost of public assistance to families of workers in the fast-food industry is nearly $7 billion per year.
*At an average of $3.9 billion per year, spending on Medicaid and the Children’s Health Insurance Program (CHIP) accounts for more than half of these costs.
*Due to low earnings, fast-food workers’ families also receive an annual average of $1.04 billion in food stamp benefits and $1.91 billion in Earned Income Tax Credit payments.
Today's Supersized Special: A Big Mac with a 7 Billion Dollar side of Welfare
Can these companies afford to raise wages and remain competitive?
The opposition position argues that companies can't afford to raise wages or that raising wages would negatively effect operations of the companies and depress hiring.
This number (3.6 million) only represents a fraction of minimum wage workers nationally.
The pay is low, but maybe these companies offer their workers other benefits or support services.....
Let's take a look at the services McDonald's
provides for its almost 700,000 low wage workers......
Support people....not corporations....
Join the fight to raise the minimum wage!
....and provides helpful tips on reducing stress, earning extra money and fighting hunger.