Disadvantages Of Minimum Wage Analysis

Imagine working 80 hours a week and still not having enough money to feed your family. Imagine sending your chidren to school in old second hand uniform. Imagine telling your children you could not afford for them to go out with their friends. For many families in Britain this has been the case since October 2014 when the amount of people on the minimum wage doubled. In 1998 the labour goverment introduced the National Minimum Wage which ensured that people over the age of 18 years old were entitled to a minimum hourly rate of £5.30 per hour: this rate has steadily risen since the act was introduced. On the plus side, the National Minimum Wage ensured the 18 years old and over are guaranteed a minimum hourly rate. In March 2015 the goverment even announced that on the 1st of Octoberthe hourly rate of the National Minimum Wage would rise by 20p, from £6.50 to £6.70 (3%). This is the biggest increase in minimum wage since 2007 and is said to benefit more than 1.4 million of Britian's lowest-paid workers. However, all is not as it seems. In this essay i will be disscusing both the advantages and disadvantages of th minimum wage in the U.K.
A major advantage of the minimum wage is that, with it being so low, small buisnesses can pay their without making …show more content…
Knowing how much money you going are going to make it very helpful as it allows you to look ahead and plan when you are going to pay bills. It also allows 18 year olds to learn to save up and not spend all their money once. Many teenages do not aquire the skill of saving up and having a minimum wage will teach them to save up and budget. Also, with a minimum wage in place it means people who depend on their to pay their bills and survive can keep their jobs instead of competing with a less experienced worker teens who would otherwise be willing to work the same jobs for less