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Raising The Minimum Wage 1

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Running head: THE MINIMUM WAGE 1

Raising the Minimum Wage

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THE MINIMUM WAGE 2

Raising the Minimum Wage

Debate on raising the minimum wage has intensified over the last couple of years. the decision to

raise the minimum wage was a move to improve the wage and living conditions of people in the

country. For many years, there has been a gradual increase in the minimum wage that employees

are supposed to receive every hour. However, the value of minimum wage has been eroded by

inflation and an increase in the minimum wage is always expected after a certain period(Glover,

2019).

Economists argue that increasing the minimum wage tends to have its consequences on

businesses and customers at large. In short, as the minimum wage increases, companies are

likely to increase the prices of their products to cut down the costs and, therefore, increase the

living standards. Moreover, there is a high likelihood that businesses will consider retrenchment

as a way of increasing the salary of those that are left. The opponents of the decisions maintain

that the results of increasing the minimum wage are negative since they tend to affect businesses,

raise the prices of businesses, and may eventually lead to job losses(Kim & Jang, 2019).

Therefore, increasing the minimum wage tends to have a ripple effect on the entire economy.

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Running head: THE MINIMUM WAGE 1 Raising the Minimum Wage Student’s Name Institutional Affiliation Date THE MINIMUM WAGE 2 Raising the Minimum Wage Debate on raising the minimum wage has intensified over the last couple of years. the decision to raise the minimum wage was a move to improve the wage and living conditions of people in the country. For many years, there has been a gradual increase in the minimum wage that employees are supposed to receive every hour. However, the value of minimum wage has been eroded by inflation and an increase in the minimum wage is always expected after a certain period(Glover, 2019). Economists argue that increasing the minimum wage tends to have its consequences on businesses and customers at large. In short, as the minimum wage increases, companies are likely to increase the prices of their products to cut down the costs and, therefore, increa ...
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