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i need a 5 page paper on minimum wage with is a opinion based question. this is for microeconomics. need to pick a side and support the ideas. the paper needs to be done based on the uploaded picture.
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Explanation & Answer
Attached.
1
Outline:
1. Introduction
2. Arguments in Favor of Minimum Wage
3. Opponents of Minimum Wage
4. Conclusion
5. References
Running head: MINIMUM WAGE
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Minimum Wage
Name
Institution
MINIMUM WAGE
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Introduction
Minimum wage is essential for any country to prosper and for its citizenry too. When you
set the benchmark as to the minimum amount of money any organization should pay its
employees, it prevents companies from exploiting its employees and treating them adversely.
Over the years, this has become critical for many countries to set the minimum wage more so
when multinationals enter the country and start operations. Multinationals in recent times have
seen to be exploiting many of its employees with adverse working conditions and poor pay
especially in developing countries (MaCurdy, 2015). The minimum wage prevents this from
taking place to a certain extent by ensuring that the employees of any company be it local or
foreign adhere to a particular average pay, that is, the minimum wage.
The International Labor Office in Geneva, Switzerland reports that 90% of countries
across the globe have legislation supporting a minimum wage in their respective countries. The
minimum wage in states that rank within the lowest 20% of the salary scale is less than $2 daily
translating to roughly $57 monthly. The countries on the other side, that is, those that represent
the highest 20% of the pay scale have $40 daily as the minimum wage coming to $1,185 monthly
(Meer, & West, 2015).
Arguments in Favor of Minimum Wage
An increase or having a minimum wage lifts or removes people out of poverty, helps
low-income families make ends meet and ultimately marrows the gap between the rich and the
poor. CEOs across the globe together with...