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minimum wage

Uploaded by joey25163 on Oct 08, 2018

In recent year, minimum wage has become an argumentative issue and discussed among different perspectives.The impact in large companies will be minimal as they already have wages that are higher than minimum set by the new federal legislation mandates.The reason behind is that the companies have raised wages to attract strong employees.Although some companies anticipate hiring fewer employees, cutting back their hours and raising the price of goods, most businesses pay more than the minimum wage.

Usually,there are 2 key stakeholders standing on each side,one side represents employers and the other side represents employees.
In views of employees, minimum should be raised as the minimum wage increased, the standard of living also raised for impoverished workers.The minimum wages has not kept up with inflation.(Charles,2012)Therefore,those workers with 3-4 people in their families, are easy to fall below the poverty level.A recent study shows that the increase in the minimum wage gradually usually have a minimal impact on unemployment.
If the budgets for salary grew under a increase in the minimum wage gradually, additional income will be spent and ripple through market economy.(Charles,2012)

The increased in minimum wage can help to reduce race- and gender-based income inequality.In order to reduce the poor potentially,government expenses for particular social programs.The taxes will be slightly lower for other Australian.(Charles,2012)More revenue for the government will be operated from payroll taxes for the social security.

When standing on the other side which is representing employers, the minimum wage should remain unchanged.With a specific compensation budget in businesses, an increase to minimum wage may result in slower hiring and layoffs.(Charles,2012)Fewer workers in entry-level jibs hired by employers to begin a career.As the increase to minimum wage will give an incentive for companies to invest in machinery, automated processes and technology to increase productivity in stead of Human Resources.Increases the incentive for businesses to outsource labour to nations where minimum wage is lower.Also,a higher minimum wage will be leading to more students drop-out from school.(Charles,2012)Prices may be increased to offset high labour costs.For certain small businesses, already stressed operators may take more responsibility.The wages for workers with higher paid may be suppressed and their salary increases are lower for those are not impacted by higher minimum wage.

A triple bottom line build the capability for environmental, social and fiancee in companies and act as a power tool when becoming a strategy to achieve sustainability.When evaluating businesses performance, take the consideration of environmental and social...

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Uploaded by:   joey25163

Date:   10/08/2018

Category:   Business School

Length:   5 pages (1,092 words)

Views:   388

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