The minimum wage rate
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An increase to the federal minimum wage is a widely debated topic and a prominent concern of employees. This issue must be addressed by policy makers and compensation professionals. After reading chapters one and two of the textbook, please answer the following question: Should the local, state, or federal government raise the minimum wage? Discuss the overall impact to employees, employers, society, and the ripple effect caused by this action. Support your argument by referencing a law that applies to minimum wage. Conduct research and provide evidence to support your statements.
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Solution Summary
The raising of local, state, or federal minimum wage rate is discussed in a structured manner in this response. The related references are also included.
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The local, state or federal government should raise the minimum wage. The reasons are that it will increase the standard of living for minimum wage workers, a large number of individuals and families will move out of poverty, and there will be a decline in the need for federal, state, and local costs on financial aid for poor and low-income persons. Also, there will be an improvement in employee morale from higher wages. In addition, raising the minimum wages will increase employee retention. Also, higher minimum wages will lead to higher consumer spending and will increase economic growth (1). The local, state, or federal government should increase minimum ...
Education
- BSc , University of Calcutta
- MBA, Eastern Institute for Integrated Learning in Management
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