Benefits of Raising the Minimum Wage
As per Article 1 Section 1 of the US Constitution, Congress is the legislative body of the government; they are the only ones to make laws in the US. Further Congress has been divided into two sections Senators from each state and house of representatives which has delegates from each state depends on the state population. It will be a violation of the constitution if any other government institution or entity make law in the US.
Raising the minimum wage is a big topic for the government, business community, and economic pundits, there is positive and negative effects of everything we do. In my opinion, Congress should raise the mandatory minimum wage because of: first, it is long overdue and second, there are more there are more advantages than disadvantages. Current federal minimum wage is $7.25 which is lower in real value than in 1956. Moreover, as the majority of minimum wage workers are adult with a family, at this wage, it is impossible to feed their families. With just $7.25 an hour, a worker makes $15,080 per year which much below the federal poverty line for a small family of three. There are few other advantages like a raise in economic stimulus, reduced government expense for social programs. The Congressional Budget Office estimated that raising the national minimum wage from $7.25 to $10.10 an hour would uplift almost a million people out of poverty line. On the other hand, people have argued a few cons like layoffs, as employers have a limited budget and an increase in minimum wage will impact organizations capability to hire more people or fewer hiring. Higher wages might affect the market price of a product as the employer would like to generate a higher income to support higher salaries.
Individual states can implement their laws and pass their minimum wage law. State minimum can be lower, same or higher than the federal minimum wage. The state can also decide not to have any minimum wage at all. If a state has no minimum wage law or its minimum wage is lower than the federal law, workers are entitled to the federal wage. If a state’s minimum wage is higher than the federal one, workers are entitled to the state-specific wage. Higher minimum wages are more common in states with higher costs of living. Currently, 29 states and the District of Columbia have minimum hourly wages above the federal level of $7.25.
The argument about the minimum wage touches many critical aspects like a person on minimum wage can survive, any contribution towards the economy, dependency on government public policies? According to many religions, for instance, Aristotle and the Catholic church have talked about fair earning in their social teaching. A minimum wage is ethical, if it maintains human rights and dignity, supports the common good, creates right relationships, financial security for all and contributes to the common good which fits in Utilitarianism framework. Catholic society also believes that organizations have the ethical duty towards their employees to build up the right associations with their workers by paying living wages. The Utilitarianism framework resonates with me considering the overall economic advantage of paying living wages, which in return increased productivity, quality, and innovation all of which add to enormous profits for both employer and employee – thereby contributing to the common good.
Have you ever wondered why our business world has made such a limited progress since independence? Have you ever thought why our nation still is in the list of N11 from last 17 years and still could not be a progressively developing nation? It is because of the limits we set in every sphere of our life. It is because of the fact that we have stopped thinking big. It is because we find our satisfaction in making both ends...
The minimum wage increase has been an ongoing conversation among almost everyone which it should be because it is a very important topic. Increasing the minimum wage has seen many pros and cons. Many people are unaware of what the words minimum wage even mean, and that is the lowest amount of pay that an employer is allowed to pay their employees by law. On October 1st, 2017 minimum wage in Ontario was $11.60 and in January 2018 minimum wage...
Minimum wage is the compensation payable to laborers as fixed by law. Should the minimum wage be raised? I have mixed emotions regarding this topic. If minimum wage is raised, it would hurt most organizations, there would be fewer open positions. I think if the minimum wage were raised from $7.25 it would probably hurt public and private entities. Especially during the pandemic, most companies are not flourishing. Raising the wages would mean bigger paychecks and those small businesses may...
Everyone believes that America is the place where all your misery and issues disappear, however in America there a more people in poverty than rich people. We often describe New York as a place where many wealthy people live, due to the fact of expensive rent prices, big corporations, and outstanding education. Due to this stereotypical stereotype, people that live in poverty are often looked down upon or not even cared about. Society often talks about the wealthy but never...
Neediness keeps on developing in America. The lowest pay permitted by law in the United States is $7.35- every 60 minutes awfully low in the present society. Key costs, for instance, gas and lodging costs, have gone up fundamentally since the lowest pay permitted by law was last changed in 2007. The laws making the lowest pay permitted by law were proposed to improve the way of life and abatement neediness. Raising the lowest pay permitted by law is a...
Along with the general elements of wage formation in developed countries, there are national differences. The specificity is typical, for example, for Japan, where the life-long employment system plays an important role. This system is associated with the existence of three types of tariff rates in Japanese companies – personal, labor and synthesized. Personal rate is associated with lifetime employment and is established on the basis of a combination of a number of characteristics, the most important of which are...
Minimum wages are meant to help workers and prevent business from exploiting employees. One thing I learned from minimum wage is raising minimum wage can do a lot more than putting money in the back pocket of hard workers it can help workers in many ways such as paying bills in time and other stuff from minimum wage rising can change the life of many people’s life. There are many types of minimum wage laws that set forth the lowest...
In 1938 during the Great Depression, President Roosevelt established The Fair Labor Standards Act of 1938, which introduced the federal minimum wage to the United States. It was introduced as a way to stabilize the post-depression economy and as a way to protect workers in the labor force by establishing a certain amount of pay. In the beginning, the minimum wage was $0.25 per hour and has been raised twenty-two times since. However, since the 1960’s there has been no...
Proposal Essay By definition, the minimum wage is the lowest wage permitted by law or by a special agreement. It was initially introduced with the purpose of stabilizing the post-depression economy and protecting workers in the labor force. In this day and age, the minimum wage is designed to create a minimum standard of living to protect the health and well-being of employees. Despite varying across states, the federally imposed minimum wage stands at a long-obsolete $7.25 an hour. This...
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