The arguments for and against a minimum wage can be easily summed up as follows: okay, we’ll pay you a basic amount of money but good luck finding a job to pay it to you. Often, the premise from an economic standpoint is that paying workers a basic guaranteed salary should help to reduce relative poverty.
However, by doing so, companies arguably will demand less labour because they cannot afford to pay that guaranteed minimum wage. This usually has the greatest effect in labour-intensive sectors and the resultant increase in company overheads is often passed on to the consumer.
Every time […]
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