Advantages of raising minimum wage
Name University Course Tutor Date Advantages of Raising Minimum Wage National minimum wage rate is very important not only to business people but also to communists . It is seen by many as a benchmark , which indicates the labour situation in any given economy . A higher minimum wage rate could be a sign of an economy that is doing well while a lower minimum wage rate could be a sign of an economy that is doing poorly In the United States of America the law provides for a national minimum
Advantages of Raising Minimum Wage
National minimum wage rate is very important not only to business people but also to communists . It is seen by many as a benchmark , which indicates the labour situation in any given economy . A higher minimum wage rate could be a sign of an economy that is doing well while a lower minimum wage rate could be a sign of an economy that is doing poorly
In the United States of America the law provides for a national minimum
br wage rate , which is open to amendments as may be determined by the congress . The application of national minimum wage rate is not practiced in every economy in the world for there are some countries especially the developing countries , which will not have a clear policy on national minimum wage rates . In such countries , minimum wage rate is open for deliberation and it is often dictated by market forces Therefore it is evident that raising the minimum wage rate is a good way of corporates sharing their wealth with employees who in the first place are responsible for generation of the wealth fortune companies realize If left alone , organizations are less likely to give back to the employees in the way of raising compensation and as such , having in place a high minimum wage rate is a mechanistic way of forcing companies to show good corporate social responsibility to their employees
Raising the minimum wage rate will lead to a higher number of employees who can work in various areas in the United States of American because a higher minimum wage rate will make it possible for every employee to afford a high cost of living . The current minimum wage rate has been blamed for making it very difficult for those employees who are transferred to other locations . This is with connection to the fact that cost of living differs significantly in different towns and states in the United States of America . Therefore , employees who are under a universal minimum wage rate are at a disadvantage whenever they get transfers to other locations with higher costs of living . There are those who have reservations about increasing minimum wage rate arguing that it can cause those who cannot get dignified jobs in the mainstream due to high competitiveness occasioned by raising minimum wages to opt for low wage industries . This has been a great source of opposition to increasing minimum wage limit amongst opponents of raising minimum wage rate . However , this should not be a source of fear because the government will be responsible for ensuring that alongside raising minimum wage rates , the low wage industries are regulated and therefore do not continue offering oppressive wages
Raising the minimum wage limit will see these differences significantly reduced and therefore more Americans will be free to work wherever they wish . As a result of raising the minimum wage rate , industries located in areas considered as hardship areas by employees will attract more willing...
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