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Consequences of raising the minimum wage
Consequences of raising the minimum wage
Consequences of raising the minimum wage
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Raising the minimum wage will improve the overall living conditions/standards for minimum wage workers. For someone working under minimum wage income, they need to work twice as many hours than higher payed counterparts for items needed for life. Having to work double to afford certain things such as rent, utility bills, and other items that are essential for life. In working a regular 40-hour week, a minimum wage worker does not have the ability to pay for a two-bedroom apartment or food without requiring some form of government assistance such as “food stamps”. Many would be pushed past the poverty line with not having to worry on how they are going to be able to afford items that they need. With so many that will be taken out of the line …show more content…
That remains a tough feat for businesses and bosses to keep their employees motivated to want to come together as a unit. Keeping workers in a job when they believe they are not being adequately payed for their services leads to high employee turnover. In believing that the job that they are getting paid to do is not getting them out of the financial burden that most minimum wage workers go through. Raising the minimum wage leads workers to be more productive in the services that they do and reduce the employee turnover rate. When productivity is at its all-time best, the consumers/customers will have a higher chance for customer satisfaction. With higher wages employees will be more inclined to want to stay at the company they work for boosting team morale and reducing the employee turnover rate. In keeping the employees that they have happy and paid leaves them not to have to hire and train new employees that ultimately cost so cutting out the low pay leads to a better work environment. Raising the minimum wage leaves the employees with a better look and it benefits the employers in reduced turnover rates and higher customer
Imagine a world where you are working overtime, seven days a week, yet your kids are starving. You can’t get the education you need because you don’t have the time and money to afford it, and you can’t change jobs because this is the only one you can get. Unfortunately, this is the reality for millions of Americans living today. The federal minimum wage is too low to help families, and actually mathematically speaking, too low to survive on. The quality of life for minimum wage families is terribly low, and that is unacceptable. As humans, we should be looking after others and helping the poverty come out of their continuous cycle. Raising the minimum wage would not only help families be able to afford a better quality of life, but help them to afford healthy food, get an adequate education, and invest in the necessary health care they need.
Well, raising the minimum wage has both the pros and cons. Still, the fact that increasing the minimum wage nationwide would increase millions of workers’ earnings is deniable. I suppose that’s why some people advocate raising the minimum wage will grow the economy for everyone. In 2014, the president of the United States, Obama, called on the current Congress to raise the national minimum wage, which proves that Obama actually supports raising the minimum wage. ‘February 2014 Congressional Budget Office Report The Effects of a Minimum-Wage Increase on Employment and Family Income is the latest attempt to do so, in this response to Members of Congress with respect to an increase in the federal minimum wage from $7.25 to $10.10 per hour.’
Minimum wage is a topic that has been popping up since the 1980s. From whether we should lower it, or even raise it, but now in the 2000s minimum wage has been the center of attention more than ever. There are two sides to this topic of minimum wage; whether it creates more jobs or does not create jobs. Those who argue that raising minimum wage will create more jobs will have a rebuttal which is that it does not only cause the loss of jobs but that it would make things much worse and vice versa for those arguing raising minimum wage will cause loss of jobs. There will be two authors representing opposite views, Nicholas Johnson supporting minimum wage will not cost jobs with his article “ Evidence Shows Raising Minimum Wage Hasn’t Cost Jobs”
One way raising minimum wage will be beneficial is that it could lift many Americans out of poverty. Raising the minimum wage in Illinois, would help the families of more than 1.1 million workers who work to meet their children’s basic needs and “reduce the adverse effects of poverty on a child’s well-being” (Fiscal Policy Center). Studies have shown that raising the minimum wage would help 1 in 5 Illinois families who are in poverty. By raising the minimum wage in Illinois, it would help workers with families spend money on food, housing, gas, and other needs without going into poverty. Along with puling Americans out of poverty, raising the minimum wage could also stimulate economic growth. Raising the minimum wage, is stimulating economic growth by worsening the income inequality and substantially reducing the employee turnover for the business. Increasing a person’s income would raise their yearly earnings by $3,640 and “Improve the economic security and reduce the economies poverty rate” (Fiscal Policy Center). Low-wage workers spend most of what they earn on their basic needs, which is quickly spent and does not leave the worker with much money left to spend on other needs. This boost in the minimum wage will stimulate the economy and help create opportunities for more people, by hiring more workers to keep up with the
In the eyes of the employees, the minimum wage raise is mostly a pro for them. There are three main reasons why increasing the minimum wage to $15 per hour would give benefits to both the employer and employees. Workers can make a decent living with a pay of $15 per hour. These people will then have a higher income that will enable them to pay their basic needs and living expenses. Back then in 2013, a report from the Congressional Budget Office estimated that 16.5 million low-wage workers would benefit from a $10.00 per hour wage; this includes 900,000 works coming up the poverty line ("The Effects of a Minimum-Wage Increase on Employment and Family Income"). So if employees receive a pay S15.00 an hour, the fewer people ar...
Some think that the minimum wage should not be raised, but others think that the minimum wage should be raised. If one had to be chosen, raising the minimum wage would be better. The minimum wage should be raised because if you were to work full time on minimum wage, you are below the poverty line; Also states that did raise the minimum wage above the federal standard have had more job growth than states that did not. Finally, "Minimum wage workers are much more likely to immediately go out and spend that extra money in the economy," says Heidi Shierholz of the Economic Policy Institute, which favors raising the minimum. "That's because they're often living paycheck to paycheck."
It is very difficult to live in America if you are living off of minimum wage, and many Americans are living off of it today. Raising minimum wages has its benefits like gaining more money to live better, but people do not see the down side of the increases in wages. With the increase in minimum wage, it also causes the cost of living to increase. How can this help the economy or help people? Minimum wages in America should not be increased because it will cause cost of living to increase, reduce employment, and cause businesses to lose money and workers.
The minimum wage must be raised because the cost of living has gone up considerably. Education is essential if one wishes to work, and the cost of education has increased drastically in the past twenty years. Companies should be requied to pay workers what they deserve, and that is more than minimum wage is now. With our new technology and the technology in the future work is harder and more complicated. A minimum wage increase would raise the wages of many workers and increase benefits to those disadvantaged workers.
Some economists argue that when the government raised the minimum wage, it had negative effects on the economy. Others argued differently by telling people that more people got jobs rather than lost their job. Raising the minimum wage can make finding jobs harder for people, people can loose their jobs when employers cannot afford to keep them and the unemployment rate will increase for people without a higher education after high school. When the minimum wage increases, employers may be reluctant in hiring more people since the new employees will be making more money. Some employers will have to cut hours, so people can still have a job.
Faizah Azhar Raising the Minimum Wage Will Reduce Poverty The question of whether minimum wage should be raised has become a huge debate over time. A higher minimum wage is a vital component of creating financially stable individuals and economy. Many people in America are still suffering from the economic recession and a higher minimum wage will allow people to recover.
Kids in Low-Income homes have a dropout rate of 10%(Dropout Statistics). The higher the income in the family the lower the that percent gets. The minimum wage is a long talked about topic, though not very much has been done about it. Many still believe that raising it will help our economy and keep people from resorting to unwanted measures to keep their kids in school and food on the table. Although some think that raising the minimum wage will hurt more than it will help, it should still be raised because,its not enough to support a family or a couple, it would bring many out of poverty, and raising it would bring the rate of crime down.
An occurring topic in society today is raising the minimum wage. Minimum wage is the least amount of payment per hour an employer is allowed to give an employee ( a person working for an organization for a salary) for work legally. The national minimum wage is $7.25, but some states have raised it a little bit higher, due to the reason that different states have different costs of living. Currently the national minimum wage is still under $15 an hour. In the United States, 77.2 million workers of ages 16 and above were paid hourly in 2014.
(The National Minimum Wage (NMW) is the minimum pay per hour most workers are entitled to by law. The rate will depend on a worker's age and if they are an apprentice. Any changes to the rate are normally introduced in October each year. The National Minimum Wage is the minimum pay per hour almost all workers are entitled to by law. It doesn't matter how small an employer is, they still have to pay the minimum wage.
Last, many current minimum wage workers may be inspired to work harder at mastering their skill or educating themselves to become more productive members of society versus sitting back and waiting for another pay raise in the form of an increase to the minimum wage.
One of our discussion questions during the semester was “how can you motivate minimum wage employees”. It was a hard question to answer since most of the people that work under this salary are just present at their jobs for their paycheck and have very small interest in the company’s goals. Although that might be true, there is a way of motivating these employees. A good example that professor Nelson brought up in class was the “International Housekeeping Week”. During this week housekeepers who work really hard and have small salaries are greeted for all their effort. By doing this, these employees feel important to the company making them want to remain at their jobs because they feel they are treated with care. At my past job experience I did not motivate my employees much and the results were negative: the turnover rate was high and the employees that remained were there mostly because of their paychecks. This happened because I did not have much experience but at the end I realized that we were all a team and we have to listen and support each other. By doing this, the chemistry between all employees surged immediately and we had a happier work