ECON 426 Lecture Notes - Lecture 14: Standard Model, Monopsony, Excess Supply
13 Jun 2018
School
Department
Course
Professor
•
The US Federal Minimum Wage
Minimum Wages in Canada
Location
Wage Before ($)
Year Change
Wage After ($)
Alberta
13.60
October 2018
15.00
BC
11.35
June 2018
June 2019
June 2010
June 2021
12.65
13.85
14.60
15.20
Ontario
14.00 (from 11.60)
January 2019
15.00
Quebec
11.25
May 2018
May 2019
May 2020
11.75
12.10
12.45
NY - minimum wage increases are scheduled until 2021 amounting to about 35 - 50% of the 2017
minimum wage
○
MA - has legislation pending that might bring the minimum wage up to USD 15
○
CA - minimum wage scheduled to increase to USD 15.00 by 2022 (currently 10.50)
○
Others states such as VT, NH are holding minimum wage constant or sticking to the Federal
minimum wages
○
US Minimum Wages?
•
Thus, the minimum wage increases in Quebec are below those in the largest other Canadian provinces
and much of the US
•
•
Coverage increased between 1961 and 1974 as the minimum wage was extended to agriculture, retail,
and services
•
Coverage in the US
Percent of Workers Paid at Minimum Wage (US 2013)
Lecture 14 - The Minimum Wage
Monday, March 12, 2018
4:05 PM
ECON 426 Page 1
Document Summary
Ny - minimum wage increases are scheduled until 2021 amounting to about 35 - 50% of the 2017 minimum wage. Ma - has legislation pending that might bring the minimum wage up to usd 15. Ca - minimum wage scheduled to increase to usd 15. 00 by 2022 (currently 10. 50) Others states such as vt, nh are holding minimum wage constant or sticking to the federal minimum wages. Thus, the minimum wage increases in quebec are below those in the largest other canadian provinces and much of the us. Coverage increased between 1961 and 1974 as the minimum wage was extended to agriculture, retail, and services. Percent of workers paid at minimum wage (us 2013) The minimum wage - some old and little new theory. Minimum wage laws typically cover just a fraction of the work-force. Some industrial sectors can be exempted (restaurants, agriculture) Potentially being covered by the minimum wage (c)
