5 reasons why we need a higher minimum wage
Recently, politicians have been talking about raising minimum wages. Here are the benefits of having a higher minimum wage.
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Help recover economy
Raising wages will bring back growth to the economy, as it will increase peoples purchasing power. The more money people can spend, the more money they put back to the economy and so the more the economy grows.
Reduce employment turnover
Raising minimum wage will reduce employment turnover; and so the company can benefit from cutting costs for hiring and training new employees. The company can retain skilled employees by raising wages.
Helps people to get out of debts
People are now submerged in debts due to increased prices of housing, transports and everything. Raising minimum wage will help people to come out of debt.
Saves taxpayer money
Low wage means many people have to rely on government benefits. Increasing minimum wage will make less people rely on government support. So, raising minimum wages will save the taxpayer money.
Improves economic security
Raising minimum wage will help the economy to grow. It will create a ripple effect. First, it will stimulate spending. Then, the interest rate will be lower and so people can have more access to credit and loans. Performance and returns in the financial market will increase and so, will encourage investment. This will improve economic security.
Raising the minimum wages also saves economy to fall into the deflationary trap like the Japanese economy and some of the European countries. So, raising the minimum wages is a good step for the government in improving the economic picture of the country.
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Posted in Law Post Date 05/04/2016