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Positive and negative effects of minimum wage
Minimum wage impact on economy essay
Positive and negative effects of minimum wage
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Because the cost of living has welkin rocketed, it has become virtually infeasible to raise a family on a minimum wage job. A person living on his or her own cannot survive on minimum wage job either. Their living expense would just be exorbitant. The earnings of minimum wage workers are crucial to their families salubrity. Evidence from 2013 and 2014 minimum wage increase shows that an average minimum wage worker brings home more than a moiety of his or her family 's weekly earnings.
Compare to the charts depending of the cost of living there are some changes that can take place and raising the minimum wage stats whereas living can be better for society and Americans. Minimum wage is an issue still today and is debated word wide with eclectic audiences. Minimum wage will always be looked at s priority and poverty with low income and housing as a minority family. When the day has set and the family is around the dinner table for dinner then the issue of minimum wage comes up in the conversation, how can the family do better, what can we do to be middle class if not top class where the millionaires lives and the status of a millionaire. Not sure how a millionaire lives but comparing to the stats society is way off to another side of the map.
There are people who work 40 hours a week and are still in poverty; this is a highly prominent issue. The uneven distribution of wealth, known as wealth inequality, is a problem that plagues not only America but also the world. With wealth inequality, there are two main issues and one solution to those issues. The problems are that the wealth in America is unevenly distributed and there people in America who work 40 hours a week and still have very little money. Wealth inequality is the root of all problems faced in America.
The cost of living is a difficult situation that many Americans across the country struggle with today. A heated debate that directly impacts the lives of all citizens is whether or not the price of minimum wage should be increased. Minimum wage is the standard amount of money earned for executing a basic skill job. Some people hold strong beliefs on why enlarging minimum wage is a major downfall, while others think this process is extremely beneficial. The following paragraphs will discuss the pros and cons surrounding both sides of this topic and the reasoning that births each one.
In conclusion, a federal minimum wage increase will significantly improve the standard of living of low-wage workers. To meet their basic needs, workers must be given a living wage. It is not only morally correct to do so, but also beneficiary to both ends. The increase in wages allows for a more supportable income, but it also stimulates the economy.
On paper, the numbers all add up and fit together to make a good budget plan, but some months you don’t make as much money or you have an emergency that requires all the paycheck. These jobs also don’t pay once a month at the beginning and people tend to live paycheck by paycheck. A lot of low-income families also develop bad habits, such as smoking, and they spend more money on that. It is easier said than done when putting together a budget plan for a low-income family. I don’t think that minimum wage is a living wage.
Introduction More numbers of state are joining to take action to raise the minimum wage to $15 per hour in a few years even though there is a high disputing controversial all over the nation. The federal has set the minimum wage level to $7.25 on Jan. 1, 2015. In less than a year the index number of the minimum wage is going up automatically with cost of living. And eventually it will be likely to increase year by year with automatic and expectation index.
If America raises the minimum wage to $9.00, it will help people in need or in poverty, but it also won’t hurt people in the workforce. If you increase the minimum wage to $15.00 it will make unemployment rates go high up. Which in the process, makes the homelessness rates go up in the country and in your community. If you keep the minimum wage at $7.25 people will stay in poverty and homeless or on the verge of homelessness.
Minimum wage and poverty With everything going on with the Walmart workers picketing for fifteen dollars an hour wages, the topic is widely discussed with many people taking many different sides. The essay “Raising the Minimum wage will reduce poverty” By Sharon Parrott and Jason Furman, They go into how they think the minimum wage should be raised in order to decrease poverty in america, Of course there are reasons to raise it and reasons to not raise it. Yet with the multitude of reasons for and against it, it’s hard to make a decision that makes everybody content, Some of the reasons not to raise it include, Raising it can make prices for everyday items go up, Why go and spend thousands of dollars on college when you could get a decent job right out of high school, and Why let workers who work at unskilled jobs make as much if not more than the military. Some reasons for minimum wage raising is, The fact that the cost of living is higher means people can’t survive with minimum wage without federal care, And just helping people get back on their feet when they couldn’t find a job. The reasons Minimum wage shouldn’t be raised outweigh the reasons it should.
Explain to a labour unionist why imposing a minimum living wage may actually harm workers. The national minimum living wage is a wage legally set by government that all UK workers who are above 25 should be paying high enough to have a normal standard of living. This ensure all workers are able to afford their day to day life’s routine, such as food, shelter, transport and etc.
The Minimum Wage Struggle Money is an essential object to acquire in the society we live in. Various places demand a high monthly rate in order to occupy a premise, along with the stress of utility bills that may not be included. Aside from living costs there are many other factors which must be calculated when budgeting on a day to day basis. Overall, the survival rate tends to increase due to so many responsibilities that need to be upheld, as well as costs being raised. This rise in both the cost of living as well as the need for higher wages proves that the standard of minimum wage needs a major increase.
If one was to work forty hours a week and fifty-two weeks a year they would have 15,080 dollars it is considered below the poverty line for a family of 2. The cost is not factoring in medication, diseases, college, school or any recreational activities.my minimum wage would be twelve dollars and fifty cents, annually it would be 26,000$. Living wage has several benefits such as stabilizing and redefining the middle class. The middle class is slowly adding to the poorer class. While the rich, the top ten percent, keep getting richer and richer. This has been happening for the past thirty years.
Although lower wages may seem like an easy way to minimize costs they may actually hurt your company’s profitability. Paying living wages will save company money by reducing the turn over rate, which in turn means less time and money spent on training. Financial gains of living wages also come in the form efficiency in work; employees who stick around longer are more accustomed to the way the company works and how work is expected to be done. There are also some more discrete benefits to implementing a living wage policy. Paying living wages has proven to increase employee moral making for a more productive workspace.
Living wage reflects what income required for a household to meet their basic needs, once government transfers have been added to the family's income and deductions have been subtracted. Its also a call to private and public sector employers to pay wages to both direct and contract employees sufficient to provide the basics to families with children. Living wage include gets families out of severe financial stress by lifting them out of poverty and providing a basic level of economic security. Living wage also enables working families to have sufficient income to cover reasonable costs, promotes social inclusion, supports healthy child development principles, ensures that families are not under severe financial stress, is a conservative, reasonable
The living wage was introduced in the UK in 2005 and is a wage which is suggested to employers which is high enough for the employee to sustain a normal standard of living. It varies slightly in London as there are higher living costs here. This variation equates to £8.80 compared to £7.65 in the rest of the UK (Livingwage.org, 2014). To understand the imminent effect of an increasing living wage to £10, aided by trade unions, from the current values (GOV.UK, 2014) there is a need to appreciate the economic value of a price floor. A price floor is the lowest legal price that something (products and labour included).
