Should the minimum wage be raised?
A strong competitive workforce is very important in our world where labour can be sourced worldwide. From the grass roots it is clear that providing suitable training to our youth is a key element in maintaining our economic stature within the world and ensuring future success. An economist describing the rates of pay could do so in a number of ways. Most simply through supply and demand, the less available a speciality, the more costly it becomes. Rates of pay are also centrally linked to a function of a worker 's productivity. The give and play of these key factors is crucial in our understanding of employment and wages.
The National Minimum Wage Act 1998 is a piece of legislation which was created by the …show more content…
The "Living Wage" is the minimum income necessary for a worker to meet their needs that are considered to be basic. These needs include clothes, food and water. The current living wage is at £7.65, which is £1.34 more than the current minimum wage. Ed Miliband from the labour party supports the living wage saying: "It can make Britain both a fairer and more prosperous place".
However, higher pay for all means small businesses struggling will not survive. An increased minimum wage may also lead to increase amounts of immigration, as foreign workers may travel from further afield to make a greater wage than they can from their country of …show more content…
From a business mindset skill and wages are essentially linked together. Minimum wages provide security for some of the most vulnerable. Free market foundations might challenge if the existence of such mechanisms are any good, as they are stable and anti-competitive but it is a balance we in Britain have been accustomed to.
More free market ideals are employed in countries such as America where the difference in wages between the wealthiest and poorest is far greater. In Britain we employ social measures to protect vulnerable groups in society - the NHS offering care at the point of need is one of the most obvious. These ideals are extended through tax credits, pension, unemployment benefits and so on as measures to protect fairness in society, providing a level footing from which individuals can generate success.
Rather than increasing minimum wage, tax cuts could be given to the low paid, instead of increasing the minimum wage. This means the government will be receiving less money as less taxes are being paid. Whilst perhaps a good idea, for those on minimum wage to not pay tax or national insurance contributions would mean over £10bn in lost taxes to the government, which is not a realistic option as the current government deficit is 8% of
A strong competitive workforce is very important in our world where labour can be sourced worldwide. From the grass roots it is clear that providing suitable training to our youth is a key element in maintaining our economic stature within the world and ensuring future success. An economist describing the rates of pay could do so in a number of ways. Most simply through supply and demand, the less available a speciality, the more costly it becomes. Rates of pay are also centrally linked to a function of a worker 's productivity. The give and play of these key factors is crucial in our understanding of employment and wages.
The National Minimum Wage Act 1998 is a piece of legislation which was created by the …show more content…
The "Living Wage" is the minimum income necessary for a worker to meet their needs that are considered to be basic. These needs include clothes, food and water. The current living wage is at £7.65, which is £1.34 more than the current minimum wage. Ed Miliband from the labour party supports the living wage saying: "It can make Britain both a fairer and more prosperous place".
However, higher pay for all means small businesses struggling will not survive. An increased minimum wage may also lead to increase amounts of immigration, as foreign workers may travel from further afield to make a greater wage than they can from their country of …show more content…
From a business mindset skill and wages are essentially linked together. Minimum wages provide security for some of the most vulnerable. Free market foundations might challenge if the existence of such mechanisms are any good, as they are stable and anti-competitive but it is a balance we in Britain have been accustomed to.
More free market ideals are employed in countries such as America where the difference in wages between the wealthiest and poorest is far greater. In Britain we employ social measures to protect vulnerable groups in society - the NHS offering care at the point of need is one of the most obvious. These ideals are extended through tax credits, pension, unemployment benefits and so on as measures to protect fairness in society, providing a level footing from which individuals can generate success.
Rather than increasing minimum wage, tax cuts could be given to the low paid, instead of increasing the minimum wage. This means the government will be receiving less money as less taxes are being paid. Whilst perhaps a good idea, for those on minimum wage to not pay tax or national insurance contributions would mean over £10bn in lost taxes to the government, which is not a realistic option as the current government deficit is 8% of