The Advantages and Disadvantages of Minimum Wage - 2231 Words

This 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 entitled to no less than  £3.68, workers over 18 years of age but under 21 are entitled to  £4.98, and over 21s are entitled to  £6.08. This basically means that if you are employed by a company, they have to pay you the specific hourly rate that you are†¦show more content†¦- A real escape from the poverty trap - A minimum wage might well enrich the state, but it could also fund a better benefits system, writes Yvette Cooper, Independent on Sunday, The (London, England) - Sunday, March 16, 1997. Author: Yvette Cooper. A disadvantage to minimum wage is the fact that it is the same rate all over the country. It is  £6.08 for anyone, whether you live in Bradford, or London, or Manchester. Living costs in cities like this are much higher than towns and villages in the country. If anything, people may argue that the minimum wage should vary depending on where a person lives. Living costs can vary, so why shouldn’t the amount that the people in these regions vary too? â€Å"The case for varying the minimum wage by region is much weaker as regional wage differentials are not that large in the UK. The graph shows average wages by region for workers who left school by the age of 16. Wages are noticeably higher in London and the South-East and lower in Northern Ireland, but otherwise there is little variation. So the only possible case for regional variation is a higher rate for London, but this is administratively difficult as one cannot draw a line around London inside of which wages are high and outside of which they are low. So, expect to see a single National Minimum Wage.† - Economics: If its good enough for everyone else, its good enough for us - Labour hasShow MoreRelatedAdvantages and Disadvantages of a Minimum Wage513 Words   |  2 PagesThe 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 adv antage 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 benefitRead 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. 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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