National Minimum Wage Essay

The minimum wage requires employers to pay their employees a minimum amount of money which is based on the current version of the law, which is raised every year to adjust the living costs. There are some advantages and

Minimum Wage legislation is basically an effective policy, imposed by the government for the price control between worker and business. This policy takes care of both employee and employer while working. If we see from workers side, they wanted to increase the amount of minimum wage rate. However, businesses owners and especially owners of small businesses may not be able to increase the rate for their workers due to less capital and revenue of their company.

Darity Has described minimum wage as: “Minimum-wage legislation has been to improve the terms of employment of the least-fortunate wage earners.” (Darity) Since the beginning of minimum wage laws in 1270 France the intentions of minimum wage legislation has been good. The idea is that a worker is worth a certain amount regardless of the work they are able to do. One can see how this could create inefficiencies in an economy. The law was meant to help poor families. Later in Britain, the father of economics, Adam Smith wrote his book called the wealth of nations. These basic economic principles can show the inefficiency of the minimum wage. If an employer is forced to pay more for labor, then in turn they must charge more for their product, or they must reduce the amount of on the job training.

Increasing the minimum wage doesn't seem good for the British economy, it would do more harm than good. Giving people a more livable wage is great but I think it's more complicated than just increasing the minimum wage. As mentioned in the article it puts people like Ms. Von Der Heyde in difficult situations. Increasing the minimum wage seems to only be a realistic idea for big companies. Businesses with thousands of customers could potentially increase their prices by a small amount and have enough to account for the higher wages. While a small business such as the Georgian House Hotel would have to substantially increase prices or cut workers to afford the higher wages.

The debate on increasing or eliminating minimum wages is of serious concern for the developing and developed economies. Minimum wage is the amount of lowest wage, set by the federal state to allow employers to pay minimum wage per hour to the employees (Bloobergview.org, 2014). Here, the area of concern is whether there should be minimum wage or not in the country. Well, I strongly oppose the idea of having a minimum wage in the economy. The increase in minimum wage will increase the cost of the job market, as companies have to pay enormous amounts even in the hiring of unskilled staff (Gorman, 2014). As economists raised their concern on the announcement of president Obama when he decided to increase the wage rate up to 10 dollars an hour, which will help to strengthen the economy. But it

Back in 1998 Labour 's’ Tony Blair introduced the national minimum wage (NMW). It was created in aid of employers not valuing their workforce, often giving them very little wages. When it was first introduced the rate was set at £3.60 and has slowly risen to £6.70. However this is not enough to live on. It has been estimated that you need no less than £7.85 an hour, rising to £9.15 in London, to survive on. There is a clear difference in what you get to what you need. The national minimum wage needs to be increased to a living wage.

National Minimum Wage, introduced by the Labour Party as part of the Maastrict Treaty 1992. The treaty had requirements for there to be a minimum standard of living for all citizens. The National Minimum Wage met this requirement. Is was highly criticised before being introduced , but did not have the negative impact on business as was suspected. This was partly due to the level being set fairly low upon introduction. There are set rates within 3 bandings according to age.

Minimum wage is the price floor for jobs. Many people are either for it or against it, however not denying the fact that it is very important to employees. Because, minimum wage creates a pathway for workers to sell their labour though getting paid less, businesses willingly hire them and workers gain experiences. Yes, in many ways it can benefit both the employers and the employees but there is always a down side to it. When it comes to revenue businesses can only spend so much and it does not benefit the employees in the long run due to cost push inflations and poverty. A study based on minimum wage jobs from 2001-2012 in UK and Romania indicates how minimum wage have an effect on these countries. Youths are also being affected by minimum wage jobs.

In many countries there are still workers who work all day and still can not afford the basic necessities in life like, decent living conditions, food to feed their families or even clothes to put on their backs. But here in the United States, we are fortunate enough to have a law in order to complete the bare minimum to afford a decent living condition, food for their families and even to put on decent clothes to keep themselves warm. The minimum wage law was set so employees have a decent living wage and are not in complete ruins after working rough conditions. There are many benefits towards the minimum wage law that was set in 1938 by President Roosevelt. It helps laborers who work in rough rugged conditions have a minimum set salary and have them able to afford the way of living in the United States. Also it prevents employers from exploiting their employees by only paying what they want to pay their workers. However, there are also many down sides to the minimum wage law.

A minimum wage (MW) is a legally enforced minimum hourly wage (GOV.UK, 2016). It is used by developed countries to reduce poverty and minimise income inequality. The UK introduced the National Minimum Wage (NMW) in 1999, uprating it in subsequent years. The National Living Wage (NLW), announced in July 2015, is a new UK wage law, replacing the NMW for those aged 25 or over, and not in their first year of an apprenticeship. (GOV.UK, 2015). Coming into effect in April 2016, at a rate of £7.20 per hour, it will have a direct affect on approximately 2.7 million workers. It is the largest nominal wage

A question plaguing economists in the news the last couple of years is what would the effect of an increase in the fast food industry minimum wage be for the workforce. Better yet, how would it effect the fast food industry itself. There have been certain areas of the country that have already increased fast food workers minimum wage, but the debate is would it work elsewhere. With the increase in the demand from fast food workers for a minimum wage increase it has spurred on a heated debate what the outcome would be with many believing that it would devastate the fast food workforce with a large increase in workforce reduction enabling the fast food industry to keep it’s ever growing profit margin. However, there are those that would disagree with that assessment. The problem that is seen is that both sides of this issue forget to take a step back and look at the whole picture like the smaller group of economists have that understand that there is positive and negatives to the fast food industry minimum wage increase. Also, with a look at the bigger picture it can be seen that with the minimum wage increase in fast food jobs is farther reaching than just the fast food industry. It will unavoidably affect many other industries across the U.S. with a demand for a nationwide federal minimum wage increase as the fast food industry has laid the ground work for the “how to” guide for adjusting to a wage

Minimum wage Law is the body of laws that prohibit employers from hiring labour less than the threshold set by the government. According to concise encyclopedia of economics, minimum wage policy was first invented in Australia and New Zealand with the purpose of guaranteeing a minimum standard of living for unskilled workers. As earlier noted above, there are number divergent views as to the concept of wages control. Some economist believe that minimum wage legislation is socially beneficial while some believe the concept is a delusion.

Every government support the people who live in the country and work for the country to make it better globely.The study shows that increase in mimimum wage would not be logicaly right accourding to demand and supply from that cause inflation or unemployment,if the price of the labour goes high the demand of it will go down.In new zealand there are few industries that employes minimum wage workers and if the wage increase it will defineatly effect those industries,resulting cutting down their

One of the things United Kingdom government tried to do by using this policy is to make the utility derived from legal work more attractive than the utility from successful crime (if not get caught) as crimes will not be committed if the utility derived from legal work is greater than the utility from successful crime. According to LPC chair David Norgrove (2012), national minimum wage was first introduced in April 1999, it is the minimum amount of pay per hour all the workers must get by law. The current national minimum rage in the United Kingdom now has been increased by government and it is currently 75% higher than the rate in 1999. Every legal worker is entitled to the national minimum wage and the employers are obligated to pay the workers they hire minimum wage, which is the utility derived from legal work. If an employer fails to do so, they will get fined or even taken to the court (Peter Dominiczak, Political Editor (31st Aug 2015)). The current minimum wage rate for workers who are aged 21 and over is £6.70, 18 to 20 is £5.30, under 18 is £3.87 and £3.30 for apprentices as reported by the BBC news (2008). As the minimum wage is the utility derived from legal work, when government increases it, it increases the earnings from a legitimate work. When the earnings from a legitimate work are higher than the benefits of successful crime, individuals will decide to work instead of

We should look at other countries who have successfully adopted the minimum wage. In the case of Brazil, there success was attributable to the fact that they had increased their domestic productive capacity. This allowed for jobs to be created at the lower end of the wage distribution. In the case of the United Kingdom, they implemented the national minimum wage in such a way as to only affect 6% of the labour force, and thus had not created a cost shock to businesses. As a result, a study by Mark B. Stewart (2004) found that “there were no significant adverse effects on employment for either the introduction or uprating’s for any of the demographic groups considered.” From here the paper recommends a national minimum wage as mechanism for inequality reduction, however it must accompanied by an increase in domestic productive capacity and a further study into the costs structure of firms and businesses affected by a national minimum