Advantages and Disadvantages of a Minimum Wage - 513 Words

The minimum wage has many positives and negatives. Some advantages are that it provides employees a minimum income to be able to pay bills and meet basic needs; it prevents companies from taking advantage of the labor market, and it makes sure companies share their wealth with the employees who assisted in generating it. Some disadvantages are that it leads to job outsourcing; it is harmful to non-profit organizations, and foreign companies have an advantage over domestic companies. The first benefit is that it provides employees a minimum income to pay bills and meet basic needs. People will always need to buy essential things to be able to live. These include making a monthly house or rent payment, paying utilities, buying food, and making car payments. If people weren’t paid a minimum wage, then they wouldn’t be able to meet those needs and therefore be unable to work. Another benefit is that companies can’t take advantage of the labor market. This is one of the reasons that labor unions came into existence. In theory, if companies could pay low wages, most probably would. The minimum wage provides a fair starting wage that should be paid to all workers regardless of skill. The last benefit of the minimum wage is that it requires companies to share the wealth with employees. Without front line employees, most companies wouldn’t be able to produce their goods or services. Do executives really need that multi-million dollar bonus for another yacht or vacation home? TheShow MoreRelatedThe Advantages and Disadvantages of Minimum Wage2231 Words   |  9 PagesThis essay will give an overview of the advantages and disadvantages of the minimum wage. There are many different opinions about whether a national minimum wage is a good or a bad thing for our economy and people individually and by looking into various different resources and researching thoroughly, a conclusion will be drawn to hopefully provide a fair and unbiased review. In the UK, there are 3 different bands when it comes to minimum wage, if you are between 16 and 17 years old you are entitledRead MoreAdvantages And Disadvantages Of Minimum Wage In Taiwan1541 Words   |  7 PagesIntroduction Nowadays, minimum wage is very important for workers in this world. In addition, minimum wage is also a core element of public policy in lots of countries. For example, minimum wage has become a hot topic in Taiwan recently. The Taiwanese complained that the working hours are too long, and the wages are too low. Because of that reason, workers in Taiwan have come forward to protest this policy. Therefore, according to this example, minimum wage has become an issue that cannot be ignoredRead MoreEffects of Increasing Minimum Wage Essay988 Words   |  4 Pagesfederal minimum wage is a good one. The idea is to protect low and unskilled workers from discrimination and allow all workers to earn a living wage. The recent debate on the floor, though, is whether or not to raise the minimum wage from the current $7.25 per hour up to $10.10 per hour. President Barack Obama made this proposal during his annual State of the Union Address on January 28, and following this there were many hot de bates about it. The debates focused not only on the advantages and theRead MoreEffects of Increasing Minimum Wage794 Words   |  3 Pagesa federal minimum wage is a good one. The idea is to protect low and unskilled workers and allow workers to earn a living wage. The recent debate on the floor, though, is whether or not to raise the minimum wage from the current $7.25 per hour up to $10.10. President Barack Obama made this proposal during his annual State of the Union Address, and after this there were many hot debates about it. The debates focused not only on the pro side and the con side of increasing the minimum wage, but alsoRead MoreEssay On Learning Activity Worksheet859 Words   |  4 PagesFor each section, a minimum of one fully-developed paragraph is required. A fully developed paragraph should be a minimum of 5-7 sentences in length. Each paragraph should include at least one in-text APA citation that provides support for the topic. At least two scholarly sources from the Ashford University library (not including your textbook) with in-text citations utilized within your paragraphs are required. Two new sources should be utilized each week to meet the minimum of eight requiredRead Morebusiness organisation has adapted its working arrangements to accommodate legislation relating to rights and responsibilities of employees and employers.1198 Words   |  5 Pagesresponsibilities of employees and employers. INTRODUCTION Minimum wage, flexible working provision, disability provisions and holiday entitlement are procedures which are taken into consideration with legislation to rights and responsibility. I am going to evaluate these two and state what NHS did in relation to these right and responsibilities laws. MINIMUM WAGE The minimum wage requires employers to pay their employees a minimum amount of money which is based on the current version of theRead MoreThe Minimum Wage766 Words   |  4 Pageswhether or not the minimum wage should be raised. Minimum wage can produce an impact on everyday life more than most may think. It is not just about more money in a person’s pocket; it can affect the economy in multiple ways. Many people think it would be a good idea to raise the average minimum wage, but they do not understand or take the time to think of the disadvantages. The minimum wage is the least amount a worker can be paid at a job, by federal law. The present minimum wage is set at sevenRead More America Needs a Variable Minimum Wage Essay1468 Words   |  6 Pages Minimum wage is the least amount of money that an employer is legally required to pay an employee. It is something that all people in the American workforce know about. It was made to prevent the employer from taking advantage of employees. It is what creates the bare minimum standard of living for the 73.9 million hourly wage workers in the United States. However, there are many different jobs with varying amount of skills that are needed for those jobs. This is where the problem arises becauseRead MoreThe Syna-Green Government Case Study958 Words   |  4 Pagesworker’s wages and support opportunities for worker training by preventing delinquent payments that is a growing issue in the construction industry. Minimum Wage This section applies to both Victoria and Edmonton, as both provinces are looking at implementing a 15-dollar minimum wage over the next few years. This will have advantages and disadvantages for an EMBERS expansion in both cities. Advantages: Raising the minimum wage will likely result in the loss of jobs for minimum wage workers. ThisRead MoreEssay on We Must Raise the Minimum Wage1615 Words   |  7 Pages Minimum wage is the lowest wage an employer can pay their employees. There is a Federal minimum wage and in some cases a State Minimum wage. The current Federal minimum wage is $7.25. An employee who makes $7.25 an hour and works 40 hours a week, will earn about $14,000 per year. The Federal government deemed that the poverty line is anyone who makes less than $17,000 a year (â€Å"Federal Minimum†). Therefore anyone that makes minimum wage lives below the poverty line. As president Obama