What Are The Pros And Cons Of Raising The Minimum Wage

Minimum wage has emerged into one of the most contentious topics today. The issues involving minimum wage has always been entangled in a huge debate, therefore two groups of people were created; the proponents and the opponents. Both of these groups go into immense debates that entails both the pros and cons of raising the minimum wage. Minimum wage is defined as the lowest wage paid or permitted to be paid; specifically a wage fixed by legal authority as the least that may be paid either to employ persons generally or to a particular category of employed person. Advocates that want to raise the minimum wage believe that it has not kept up with the Cost of Living Average, as a result, many of them push for a higher wage in order to keep up with the cost of living. Increasing minimum wage also has its disadvantages that can seriously affect workers. In several instances, employment has decreased more than the increase in wages and thereby overall earnings are still reduced or remained unchanged. The debate about raising the minimum wage has both pros and cons, generally speaking, one has to outweigh the other. However, with the idea of raising the minimum wage, many people, especially the poor, will gain substantial benefits from that policy, including the ability to improve their living standard,reduce the gap between the poor and the rich, reinforce the equity in the country and improving productivity and economic growth.
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Although raising minimum wage would help stimulate the economic, there is a good chance that the prices of goods and services would also increase to meet the profit margin. Generally speaking, we will start to increase minimum wage again, and then continue to repeat this cycle numerous