Low-wage Workers Are Older and Better Educated than Ever
AbstractRelative to any of the most common benchmarks – the cost of living, the wages of the average worker, or average productivity levels – the current federal minimum wage of $7.25 per hour is well below its historical value. These usual reference points, however, understate the true erosion in the minimum wage in recent decades because the average low-wage worker today is both older and much better educated than the average low-wage worker was in the past.
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Bibliographic InfoPaper provided by Center for Economic and Policy Research (CEPR) in its series CEPR Reports and Issue Briefs with number 2012-11.
Length: 6 pages
Date of creation: Apr 2012
Date of revision:
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minimum wage; low-wage; education; age;
Find related papers by JEL classification:
- J - Labor and Demographic Economics
- J3 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs
- J31 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Wage Level and Structure; Wage Differentials
- J1 - Labor and Demographic Economics - - Demographic Economics
- J11 - Labor and Demographic Economics - - Demographic Economics - - - Demographic Trends, Macroeconomic Effects, and Forecasts
This paper has been announced in the following NEP Reports:
- NEP-AGE-2012-04-10 (Economics of Ageing)
- NEP-ALL-2012-04-10 (All new papers)
- NEP-LAB-2012-04-10 (Labour Economics)
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