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Business Regulations and Practices Presentation - Essay Example

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Workers are paid lowly in many industries. The topic of setting up the minimum wage has dominated the political and economic events in the country for long. As such, the United States…
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Download file to see previous pages The effects get analyzed from the perspective of employees, employers, and the government. Each of these players has a different view regarding high minimum wage.
The paper uses an exploratory approach to finding relevant facts related to the study. Sources such as books, press releases and Low Wage Commission reports have gotten perused so as to strengthen the understanding of the concepts at hand.
Jobs whose value cannot get sustained in the face of the minimum wage are likely to get eradicated. Employers may fail to pay the high wage rate for jobs that are not essential to a company. Scaling back the number of employees will in turn increase social dependency. Also, it reduces the purchasing power of individuals thus stalling economic growth.
Low-wage jobs are likely to get eradicated since the small job opportunities that offer the low-wage jobs have a limited payroll budget. The payroll funds cannot and may not offer their most valuable employees the fair and attractive wages of unskilled workers, and this would result in the eradication of such jobs. The Neoclassical economists posit that as the labor prices increase, the employees would demand less work and thus this may result in the elimination of the low-wage jobs. Likewise, the minimal wage rate would result in a reduced demand for workers, either as a result of the reduction in working hours or through the reduction of job opportunities.
Critics as well hold that raising the minimum wage rate, slows down the rate of the creation of low-skilled jobs in an economy. As a consequence, therefore, job opportunities get shifted to other areas, states and nations that contribute to lower cost labor. In the long run, the move results in a higher long-term unemployment rate.
Employment: An increment in the minimum wage rate will eradicate low skilled work; hence, encouraging unemployment, although this has a little effect on most employers. The ...Download file to see next pagesRead More
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