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Minimum Wage Essay

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Minimum wage. Due to the slide on what we have learn in class, minimum wage " is a tool used by government to regulate the relationship between employer and employee by setting a lower-limit for wages" from this I understand that minimum wage is the lowest amount of salary that are allowed by law by a special agreement. The purpose of the minimum wage is to make sure that the person who work get the suitable payment for what they have work for, this also to protect them from the individual that may take advantage of them by not paying them on reasonable payments. The minimum wage also being made to create a minimum standard of living to protect health and well-being of the employee. Other than that, minimum wage also one of the important …show more content…

According to the article of "economic help" a minimum wage may increase the number of people working in the black market so firms can avoid paying the legal minimum. According to my online research from the Investopedia said that black market is the economic activity that takes place outside government-sanctioned channels and usually occur "under table" so that can run from the government price controls or taxes. The product usually are drugs and firearms are illegally traded. It means that many people are willing to be drug traffickers as well as firearm distributors as the income earned from the black market is more than the amount of the minimum wage that been apply. In spite of black market can toll the economy because the economic activity is not recorded and taxes are not paid since they are "shadow market" (Investopedia). Which means that the black market will cause losses and the economic downturn will occur when the goods being traded or the services carried out do not impose any tax and uninvolved transaction …show more content…

Firstly, minimum wage helps to reduce the poverty. According to UKEssays, when they being paid equally due to their work it will help them to support themselves and their family rather than they are not being employ. From my understanding is when the minimum wage being imposed to the people, even though they are not working in the better position to get money for living, but with this implementation of minimum wage in every state help them to get money to support their cost living even not being paid as much as the good position worker. As for example, in Malaysia the current rate for the minimum wage RM1000 not less than that so as in the reality to live in urban area it might not enough to support themselves for the whole month but it really encourages people to find job so they will be paid as low as RM1000 per month rather then they have to wait for the public assistance is not really much rather than they go to work and being

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