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European Employment Policy - Essay Example

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The charter of European Union is based upon different economic theories which have been proposed to discuss the impact of minimum wages on labor market. The proceedings of the labor market is based on the exchange of resources between the employee and employer, the employee receive wages in return for their labor services to the employer…
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European Employment Policy
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Download file to see previous pages Therefore minimum wage laws have been introduced which foresee crisis of unemployment, if fewer employers are interested to hire labor, where as more people are willing to offer their services. Therefore, the law intends to maintain the equilibrium, to avoid social and economic turmoil.
The amount of labor supplied by the workers is directly proportional to the nominal wage, a certain increase in the wage, forecast increase in the labor supply. The observation is based on the assumption that an employee hired at a low wage will prefer to consume 'leisure and forego wages', a slight increase in the nominal range, it becomes difficult to practice leisure and avoid labor, therefore there is an increase in the number of workers wiling to offer labor. The relationship between the labor supplied and nominal wage is function of different variables including price. A substantial increase in the price level will reduce the number of workers, at all wages (Wascher, 1995).
The charter of European Union has observed that there exists an inverse relationship between the nominal wage, and the 'amount of labor demanded by the organizations'. A substantial increase in the wages is likely to compel the organizations to reduce recruitment schemes. The relationship has been derived on the basis of an assumption that the organization prefers saving for increased proportion of profitability i.e. such level of production is aimed by the organization which increases the profit i.e. the difference between expenses and revenue. The revenue is based on the price of an item, and quantity of the items sold (Christopher, 2005). The expenses include the amount of wages, which is based on the labor and services. Therefore, the company will prefer to maintain a minimum threshold level to secure profit, on the basis of reduction in the wages, as more workers are employed, the labor wage increases which turn the organization less profitable. The price factor may compel the organizations to recruit the employees for all wage levels (Gold, 1993).
As per the regulation, the commission has defined a minimum age for the employment; the minimum age is greater than the minimum school leaving age. The charter has focused upon the fact that parent employees shall be provided parental leave, and parent employees have been urged to spend their time with their families particularly children. The charter has listed provisions for the access to childcare during working hours. The charter has defined a maximum limit for the weekly working hours; the maximum weekly working hours shall not be greater than forty eight, which is inclusive of the working hours. As per the charter, the employees are eligible for at least four week's paid annual leave, on unconditional basis. The charter has described minimum rest period which shall be eleven hours on daily basis, and minimum one day on weekly basis. The charter has limited the duration of work during might hours, and has limited the working hours during night time to maximum of eight hours (Gold, 1993).
Minimum Wages and Labor Market: Equilibrium
It has been predicted that minimum wage laws are expected to increase unemployment, if minimum wage is established above equilibrium wage. It is because, a large number of employees will be interested in offering their services in exchange for higher wages, on contrary on small and limited number of such ...Download file to see next pagesRead More
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