Good afternoon every one, the business area of our project is minimum wages, the specific project topic is The Positive Aspects of Minimum Wage Law. Nowadays, rent, transport fees and electricity bills are all on the rise and grassroots are difficult to maintain a decent living and have heavy financial burden on family. Also, many people criticize that some employers had more tricks to exploit workers, which drives the salaries of low-skill workers are below $20 per hour. This is an unfair remuneration and welfare of employees. In light of these, Hong Kong government enforced a law legislation to protect their income and welfare, which is minimum wage law. The Statutory Minimum Wage comes into force on 1 May 2011 and the initial Statutory Minimum Wage rate is $28 per hour. Although there is a general perception that the establishment of a minimum wages can only do harm to society, it can be a great benefit to society, employees and employers. The implementation of minimum wage law can bring many positive aspects to Society, employees and businessmen. Society
Reduce number of citizens who are living under poverty line
Narrow Hong Kong’s wealth gap
Enhance social stability
Enforcement of the law is an effective way to protect their income Provide steady income for employees,
Improve living quality,
Eliminate labor exploitation
Employees establish a strong sense of belonging to their companies For long term benefit, their Working efficiency can be Enhanced and productivity can be Increased. Many citizens want to raise the initial statutory minimum wage rate from $28 to $33. $28 is a moderate minimum wage rate
If the initial statutory minimum wage increased to a higher level, which may bring some negative impacts The increase in labour costs will ultimately be passed on to consumers resulting in unnecessary inflation. Increase unemployment rate of low-skill workers
Undermine the competitiveness of companies operating in...
...the subject of a statutory minimumwage. Different parties have different point of views about it. The unionists believe setting a higher amount can help to reduce the continuously increased wealth gap in Hong Kong, but the businessmen worry that it will increase the operating costs of their businesses. I will discuss the pros and cons of a statutory minimumwage in the following paragraphs.
For the advantages, firstly, aminimumwage can force employers to offer reasonable salaries to their employees and give them guidelines on how rational salaries should be set. This can help to protect employees from being exploited. Secondly, the problem of income inequality can be addressed by increasing low-income groups’ salaries so that it can help to promote social justice and greatly improve social harmony and stability. Moreover, the policy can encourage the unemployed citizens to rejoin the work force and thus reduce the burden on the government.
Although there are many advantages of setting a minimumwage, there are some drawbacks too. The unemployment rate may rise after implementing the minimumwage law. Due to the increase of operating costs or production costs, some employers may lay off their staff. And it may discourage employees to improve their working attitude and skills as their wages are protected...
...Minimumwage is defined as the lowest possible income that an employer can legally pay an employee. This ensures that all people are fairly paid and not defrauded by companies or businesses. Minimumwage is now a staple in 90 percent of countries in the world (Minimum). Even with these minimums, a person’s lifestyle is hard to maintain. Sustainability, in my opinion, is the ability to keep or maintain a certain amount of physical or mental property. In this light of sustainability, minimumwage is not a sustainable amount of money in which to survive with a basic quality of life. There are many supporters and objectors to the minimumwage debate. Supporters say that increasing minimumwage increases the workers earning power and wages. Objectors say that increasing minimumwage only leads to unemployment due to small companies’ inability to pay workers. Also the increased inflation rate of goods only hurts the economy, which leads to many jobs being lost, mainly the jobs held by minimumwage patrons. Although this is a heated debate there is one thing to which both sides agree; something needs to be implemented so that workers are not exploited by businesses. Economists are exploring the viability of minimum...
Comprehensive Analysis on MinimumWage in Indonesia
“Comprehensive Negative Impacts Analysis of MinimumWage for DKI Jakarta”
Andhika Putra Sudarman
Fakultas Hukum Universitas Indonesia
“If the MinimumWage of DKI Jakarta is set to Rp10.000.000,00, will everybody prosper?”
Laborers in DKI Jakarta demonstrating for an increase of minimumwage[][] is not a rare thing to see. The reason is because they can no longer meet their needs with their current wage. However, minimumwage has been raised for many times since it was first introduced in the 1970s. So, what exactly is going wrong in our beloved country, or the problem is within the minimumwage itself?
In this essay, the vision of why minimumwage should not be put into implementation in DKI Jakarta shall be given, for not only minimumwage law do not bring welfare to the people, instead it will cause unemployment and limit the workers’ productivity. In other words, the problem lies in the minimumwage itself.
MinimumWage Does Not Solve Poverty
If the purpose of the minimumwage is a protection to the workers so that they can prosper, it is precisely with the...
...The minimumwage is the lowest rate at which a worker can be played. There she minimumwage laws pegged to hourly, daily and even monthly rates, although U.S. law is pegged to an hourly wage. Also, a minimumwage law usually makes it illegal for a person to sell his labor for less than the minimumwage rate
The general purpose of the minimumwage is to guarantee a living wage to all workers who work a standard period of time, whatever that might be. In theory, any labor who works 40 houses a week on minimumwage should be at or above the poverty level line. However, the minimumwage has not kept up pace with the inflation in the United States and the cost of living increases more than the wage increases that are given and that way behind the standards
Minimumwage laws were first started in Australia and New Zealand in the 1890s.The first minimumwage to be law was in Massachusetts in the 1912 but it only applied to children and women. The federal minimumwage was established in 1938 by the Fair Labor Standards Act. Initially set at 25 cents an hour, the wage has been raised periodically to reflect changes in inflation and productivity....
According International Labour Organization, Minimumwage defines as the lowest basic wage guaranteed by the law as an attempt to put a floor under the wages of a particular subgroup of working population. The progress of minimumwages policy was started after the National Wages Consultative Council Act gazette on 15 September 2011. This provision replaced the Salary Determination Council Act 1974 which is seen not effective to protect the workers welfare in general. The provision aimed to determine and standardize the wage structure for the private sectors worker in the country. This will help to reduce the dependency to the foreign worker and increase productivity per person.
The implementation of Minimumwages policy has being debated since it is announced by our Prime Minister Datuk Seri Najib Tun Abdul Razak on 30 April 2012. He said that this policy as tools to bring our nation escapes from the middle- income trap phenomena and become the higher income nation. To achieve this mission our country needs to transform the country in high and competitive country and leading in technology, training, skills and innovation. However, there is questions pounder in the mind of the people, does minimumwages policy will benefit the people? Are the employers willing to pay the rate...
...The country’s minimumwage should be increased because of the current economic condition, and because it has become increasingly important in this economy to have a living wage. For various reasons, it is necessary for the minimumwage to raise to a living wage. A living wage is a wage that is enough for a person to be able to support themselves and potentially a family without a problem. Many work in retail stores that require a lot of hard labor and yet cannot support themselves for a living when they have a family and bills to worry about. The Washington DC City Council passed a law that requires Wal-Mart and other big box retailers to pay a living wage of $12.50 per hour (Washington monthly). There are plenty of companies that make millions each year, and to have employees paid at the wage of $8.00 per hour is unfair to their hard labor. The bill has not become a law yet and will not take effect for another four years. However, a minimumwage increase would raise the wages of many workers and increase benefits to those disadvantaged workers.
Increasing the wage to just any retail store might have its disadvantages if the company doesn't make as much money a year as Wal-Mart, Costco, Target, etc. If the law is approved, it would only affect any retailer with cooperation’s of...
...Econ 102 Research Paper
"The Minimum-Wage Controversy"
The Minimum-Wage Controversy When receiving paychecks, most employees will agree that one can never be paid enough, however, their employers may disagree with that statement and believe that they are getting paid far greater than they are entitled to. Thus creating a conflict between minimumwages. Minimumwage is the least amount of money that an employer may pay their employees. The federal minimumwage that is experienced by many members of the United States, currently is at $5.15, and is under debate as to whether or not it should be raised an additional dollar per hour, to make the minimumwage $6.15 (1). As a result of dissatisfaction with the minimumwage, debates whether or not the wage should be lifted to please more workers are currently taking place. The process to finding the perfect minimumwage to please both employee and employer are still under way, and has been an important controversial issue for many decades. For many, a raise in minimumwage would be fantastic, mainly employees. For others such as employers, they look down upon the idea of increasing the salary for their workers. The process for increasing the minimum...
November 5, 2013
Argument Rough Draft
Do minimumwage workers deserve a better paying wage? Perhaps a wage that they are believed to be able to live off of? Will raising the minimumwage help those it really intends to? With unemployment pushing 8% nationwide and costs rising, nationwide people are pushing for minimumwage to be increased. Theminimumwage was established by Franklin Roosevelt as part of the New Deal in the 1930’s. The Fair Labor Standards Act of 1938, as stated by Jonathan Grossman on dol.gov, is what ultimately established the minimumwage nationwide for all workers. The minimumwage guarantees workers a wage that is fair for all workers. It is the lowest possible amount that an employer can pay their workers.Though it is believed that the minimumwage will help the lower class, raising it will not actually help those it intends to, but in fact raise living costs and many other expenses when the minimumwage is raised.
The problem with minimumwage is that it is not kept up with yearly. As inflation across our country increases yearly, minimumwage stays the same. With unemployment at about 8%, many people are...