Please enable JavaScript.
Coggle requires JavaScript to display documents.
Should The Federal Goverment Increase Minimum Wage?, . - Coggle Diagram
Should The Federal Goverment Increase Minimum Wage?
Thesis
The Federal government should increase minimum wage to ensure cintizens financial stability and finacial freedom.
ensure that workers receive fair compensation for their labor, covering basic living expenses and preventing the exploitation of low-wage workers.
Hook
A 2022 study by the Congressional Budget Office analyzed the macroeconomic impact of the standard minimum wage reaching $15 per hour in 2027. The data reported that 10.9 million workers would be directly affected, while an additional 9.2 million workers would potentially be affected. The total directly or potentially affected workers by 2032 would surpass 23 million.
"Minimum wage, Minimun effort." -ME
History and background
Canada’s earliest minimum wage policies were legislated to protect women and children from exploitation in the workplace
6 out of 10 minimum wage workers were women.
61 per cent of employees earning minimum wage were between the ages of 15 and 24.
British Columbia and Manitoba were the first provinces to introduce minimum wage in 1918
he federal minimum wage is reviewed on 1 April of every year based on the Consumer Price Index.
Argument 1: Motivates Employees to work more
Business owners frequently note the challenge of providing sufficient encouragement to spur workers to put maximum effort into their job duties, and that this is particularly problematic with low-wage workers who feel that their job efforts aren't keeping them out of poverty.
ncreasing employee morale could easily translate into more tangible benefits, such as increased employee retention and reduced hiring and training costs. Employees who are more inclined to stay with a company longer could benefit from greater advancement and an overall reduction in job-related relocation expenses
Meanwhile, an intangible benefit that could translate into tangible benefits for both companies and employees is improved employee morale resulting from higher wages.
Argument 3: Decreases employyes stress
Reducing reliance on government programs: If low-wage workers earn more money, they may be less likely to rely on government programs, such as food stamps, housing subsidies, and healthcare assistance, which can save taxpayers mone
Heps employees to de-stress minimizing the load of stress people experience
Reducing jobs and hours: Some opponents argue that employers would be forced to cut jobs or reduce hours to offset the higher costs of labor.
Specialized info
The minimum wage is the lowest hourly rate that an employer can pay an employee according to law. Many states have minimum wages in place. But the federal minimum wage hasn't increased since 2009, despite many attempts to do so. The discussion around increasing the minimum wage brings both pros and cons.
Minimum wage laws have been in effect in the United States since 1938 when the first federal rate was set at $0.25 per hour.Amendments were made to the Fair Labor Standards Act (FLSA) since then, increasing the base rate of pay for many hourly workers according to inflation.
Arguement 2: Employees and Business both benefit
A boost to economic growth is another potential advantage of increasing the minimum wage, as consumer spending typically increases along with wages.
higher earnings would improve the overall standard of living for minimum wage workers by providing them with a more appropriate income level to handle the cost of living increases.
A higher minimum wage would put more discretionary dollars in the pockets of millions of workers; money that would then flow to retailers and other businesses.
.