Baaaaaaaaaaaaaaaahahahahahahahaha
you don't actually believe that would happen do you? some bosses will do this, most wont.
go to a fine dining restaurant and the only reason you get minimum wage is because it's legislated, and even then you have to work a LOT more than 38 hours to get it... like 70+
End of the day, people by nature are greedy, selfish and opportunistic assholes. without MW we would just have people taking advantage and paying far far less than they do now. If being a chef for 10 years taught me anything, it's that there is ALWAYS someone with less skill than you that will take your job for less money, and do a shit job. And employers will settle for that in 95% of situations
without giving too much away we now lend based on very different criteria, one of those is being assessed on a different (higher) interest rate than whatever products we are offering.