Why Is Minimum Wage Law Good Or Bad

Minimum Wage Law, Good or Bad? As minimum wage goes, can $7.25 an hour benefit or hurt society and can an average person live off that minimum income. That is a question that many people have tried to answer for years. The idea of minimum wage started during the Great Depression and was later made into a labor law by President Theodore Roosevelt. Ever since the minimum wage has been in place there has always been controversy on the amount that is proposed, is this too much or too little? As www.raisetheminimumwage.com states… “The current federal minimum wage is $7.25 per hour, which translates to $15,080 for a full-time, year-round worker.” We must look at all the viewpoints of each of the people affected in the economy to address this

Many of these employees’ tips earned increases their hourly wage. Employees that work for minimum wage often have their own bills and families they also need to take into consideration when they receive their paycheck. Is this $7.25 an hour enough to support a whole family? As the cost of living increases, their paycheck stays the same. In terms of the cost of living today, the minimum wage price is 30% lower than it was in 1968. It is shown that the world’s biggest corporations have the lowest paid workers. You may think that mostly teenagers work for minimum wage, but that is not the case. Adults make up a huge population in the workforce that make up the minimum wage. “88 percent are adults, with more than a third over age 40. These workers earn half of their families' incomes.” (www.huffingtonpost.com) By raising the minimum wage pay to $10.00 an hour, which is approximately a 38% increase in what the average worker makes today. You may think, of course, they should raise the minimum wage, why not? Well, a lot of other variables tie into raising the price paid. Some jobs could cut back on workers because they are paying more to their employees. They could also cut employees hours because they increased hourly pay to save money within the

As minimum wage workers go, they are the biggest group of workers, growing faster than any other group. Keeping employees income at $7.25 raises the chances of employees resigning to find a higher-paying job. Raising minimum wage could decrease employee turnover and increase productivity. Should our company pay employees over minimum wage? This is an everyday question for various small business owners. Most of the small businesses are nervous to start paying their employees more because the possibility of loss in their