Minimum Wage effect on Higher Paid Employees
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Explain why changes in minimum wage can affect higher-paid employees as well.
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This solution explains why changes in the minimum wage rate affect higher paid employees. A comprehensive discussion is provided.
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The change in minimum wage is that it gradually increases over time. When we have a higher-paid employee, the employee is generally paid a certain amount based on his/her experience and academic training, and that is the set wage. The issue is that as minimum wage continues to gradually increase by a small amount each year (or whenever it is raised, based upon the government); the higher paid employee's wage remains the same. The more the minimum wage increases, the less chances of the higher paid employee receiving any increases in his/her pay. The problem is that the cost of living increases for everyone, not only ...
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