What is minimum wage? Well we always here this entire buzz about it but some people don’t really know what it is. Let’s just say, it’s something you don’t want to earn. Minimum wage is the lowest wage permitted by law or by a special agreement. So if you were to work for minimum wage, this means that you could earn as low as to about 7.25 an hour. Yeah, that’s not the best pay in the house. It isn’t set that way for no reason, there’s more to it.
Majority of the countries around the world have some form of minimum wage. The purpose of it is to stabilize post-depression economy and to protect the workers in the labor force. It was designed to protect the health and well-being of employees creating a minimum standard of living. Minimum wage laws first only covered children and women in prevention of exploitation, but now that has changed. Wages differ between countries and are mostly controlled by age. Now the question is should the minimum wage be raised or should it stay as is? It’s definitely an adversity. Indeed we should because the pros are; more opportunity for jobs, economic stimulus, and decreased turnover rate.
One reason minimum wage is that it’s a hardship for many living off of it. Paying bills, taxes, food, clothing, and shelter can’t all be covered by such a small amount. Usually
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This means that they are less likely to quit, therefore there would be a lower turnover rate. With this there are fewer expenses to hire and train new employees. This also saves money and will help our economy. Not only does a high minimum wage increase a worker’s income but it boosts demand and gets the economy going. Majority of states that raised minimum wage noticed the unemployment rate decreasing over the year. There were a total of 91 cases where a state minimum-wage increase occurred during a period of high unemployment over the past two and a half