Pros And Cons Of Higher Minimum Wage

Pros And Cons Of Higher Minimum Wage – Warm Up – May 8 Unit 7 Review – Answer the following questions on a post it: 1. What are the four factors of production? 2. What is scarcity? Why?

Presentation on theme: “Warm Up – May 8 Unit 7 Review – Answer the following questions on a post it: 1. What are the four factors of production? 2. What is scarcity? Why will.”— Presentation transcript:

Pros And Cons Of Higher Minimum Wage

1 Warm Up – May 8 Unit 7 Review – Answer the following questions on a post it: 1. What are the four factors of production? 2. What is scarcity? Why will it always exist? 3. Four factors that affect a producer’s willingness to sell a product 4. Five factors that affect a consumer’s willingness to buy a product

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Download the “Pros and Cons of Raising Minimum Wage” from my website and answer the following questions on the same post it as the warm-up: When was minimum wage first introduced? What rate was the first minimum wage? How many times has it increased? When was the minimum wage last raised? How many states have a higher minimum wage than the federal wage? When the state and federal minimum wage are different, which one is an employee entitled to? What do opponents of raising the minimum wage to small businesses say? What do proponents of raising the minimum wage argue about how it would help employees? Read through each of the arguments presented in the article for each side, in your opinion, should the federal minimum wage be raised? Why or why not?

4 What is minimum wage? Passed in 1938 by President Franklin Roosevelt during the Great Depression in hopes of stimulating the economy. Some states allow “tip credit” in which they are paid a lower wage because they receive tips. Last increase was 2009 from $6.55, before that it was at $5.15 for 10 years.

1. What is supply and demand? 2. Difference between the organization of a sole proprietorship, partnership and corporation 3. What is the difference between limited and unlimited liability? 4. What is the purpose of a company selling stock? 5. What is the current federal minimum wage? Are states allowed to have a different minimum wage than the federal wage?

Download ppt “Warm Up – May 8 Unit 7 Review – Answer the following questions on a post it: 1. What are the four factors of production? 2. What is scarcity? Why will.”

New Year Brings In Wage Transparency, Higher Minimum Wage For Washington State

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Mapped: Minimum Wage Around The World

However, other economists argue that it can also distort the market in a way that reduces the number of jobs available, harms working conditions and often reduces the purchasing power of the working class.

In the context of rising inflation, it can have the effect of putting further upward pressure on inflation, causing a wage-price inflationary spiral.

The most obvious pro of raising the minimum wage is that workers who were on the old minimum wage, as well as those who were on a wage low enough to be below the new minimum, would get an increase in wages to get.

The increased financial stability leads to a more satisfying life on an individual level. So many families having more money to spend stimulates the economy in several ways that benefit many other parties.

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One of the most important parts of a person’s job is their salary. Any increase in pay will generally increase the job satisfaction of the workers who receive it.

An increase in job satisfaction will improve the workers’ own quality of life, but it also brings many benefits to employers.

Higher job satisfaction in a workplace improves the retention rate of the employer. This saves them a considerable amount of money in recruitment and training.

Workers who are more satisfied in their jobs will also be more effective in general, which means employers get more productivity from every hour an employee works.

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Although this is often a feature of economies that have grown faster than their populations, it can also happen when the manpower is there, but these individuals are not ready to enter or re-enter the workforce.

Low pay is one of the most common problems people cite for not being part of the workforce.

If the labor shortages are for unskilled or low-wage vacancies, a minimum wage increase can be a very quick and easy way to encourage people to fill these roles.

An increase in the minimum wage comes directly to the workers with the lowest wages, which overlap significantly with those below the poverty line.

The Commonwealth Institute — Virginia Charts A Path To A $15 Minimum Wage

Because of this, an increase in the minimum wage directly reduces poverty rates, especially if those involved are working families.

The moral benefits for reducing poverty are obvious, but there are also social benefits. Families emerging from poverty have greater access to health care and education, which improves those communities and their economies.

By raising the minimum wage, more people can have this influence which in turn brings more growth in the economy.

This could be done in any number of ways, including increasing their own productivity, patronizing more local businesses and creating new jobs.

Minimum Wage Pros And Cons For Workers And Small Businesses

The most direct way that workers who have more money for themselves improves their economy is by doing more consumer spending.

The meaning of this is that even if minimum wage workers who have more money to spend do not directly create jobs by starting businesses, they have an indirect part in creating them by contributing to the favorable conditions on the parts of ‘ e companies that create these jobs.

Many low-income families depend on money provided by the government. This can be direct, as with programs that supplement incomes, or indirect, as with housing schemes designed for families in poverty.

By creating conditions in which minimum wages and low-income workers can pay for these expenses themselves, public spending on government programs is reduced.

A $15 Minimum Wage Would Cost Jobs, Right? Probably Not, Economists Say

A higher minimum wage gives low-income workers more money that they can use to improve their financial situation in the future.

In other words, it not only leads to an immediate increase in income, but it can lead to much larger increases down the line.

Workers with more disposable income can make this happen by starting their own businesses, combining skills they’ve already learned with capital they now have access to.

They can also improve their socio-economic status by using this money to fund their own education and training so that they can take higher paying jobs in the future.

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These workers may strive to achieve greater goals, earn promotions with their employers by innovating or performing exceptionally well.

An increase in the minimum wage reduces the size of the gap between the richest and the poorest workers, improving income inequality.

Lower income inequality leads to less unrest, mistrust and social friction, which in turn leads to healthier and more stable societies and economies.

If companies do not want the increase in the wages they have to pay to their workers to affect their profit margins, the simplest way they can rebalance the situation is to pass these new expenses on to their customers.

Minimum Wage In India: Act, Laws And Calculation

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