Today (July 24, 2008) a new federally mandated minimum wage took effect, jumping from $5.85 to $6.55 per hour. The $0.70 jump represents more than an 11 percent increase over last year.
Your salary is only a fraction of the cost of your employment. Employers must factor in payroll taxes, health-care benefits, and days of vacation and sick leave to calculate your total cost to their budget. On top of this, any other regulation the government imposes upon the company factors not only into your employer’s bottom line, but into yours as well.
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