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Essay on Low Minimum Wage Assignment Sample

Question

Task: This Economics assignment's goal is to improve students' ability to construct arguments based on facts and organized reasoning, including ways for recognizing coherent group arguments that reach consensus.

The next step is to decide on the best course of action for both parties. That is, using comprehensive research and a minimum of six references from peer-reviewed journal articles, you must simulate what would be good arrangements that the affirmative and the negative teams are likely to propose. In an argumentative essay, your arguments must be organized. Be creative, engaging, and perceptive in how you present your message.

Answer

Introduction

As stated in the employment essay, the minimum wage in the employment sector refers to the least amount of compensation that businesses must give wage earners for the work they do during a specified time period and that cannot be reduced through an individual contract or collective agreement. Thus, the current employment essay tackles the issue of whether a low minimum wage increases employment using reasons that satisfy both the positive and negative elements and are supported by substantial data.

Framed argument from the affirmative side

Because employers with low minimum salaries will seek more labour in the competitive labour market and may be able to hire them for the necessary or required amount of money, low minimum wages increase employment. According to David Manning & Smith (2016) in their analysis of the employment scenario essay, businesses who have steady or low minimum wages have more opportunities to hire new employees since they have enough resources to provide them a living wage while also efficiently running their businesses. Low minimum salaries help businesses in labor-intensive industries, and they will see proportionately larger reductions in pay costs.

As a result, they will be able to expand their workforce without having to worry about paying higher labour costs. Furthermore, as shown by Dube, Lester, and Reich (2016), low minimum salaries make businesses more competitive than high minimum wages because higher wages drive up expenses that could force businesses out of business if they cannot afford the labour costs. Therefore, this becomes the main issue for businesses that compete on the global market since the higher minimum salary renders them less competitive than the lower minimum wage and forces the business to manufacture its goods in nations with inexpensive labour rather than its own. As a result, the unemployment rate declines, and the company tries to implement the low minimum wage approach.

According to Engbom & Moser (2018) in their employment essay, low minimum wage rates contribute to cost-push inflation because they force businesses to incur higher costs that are more likely to be passed on to clients. This is especially true if wage differentials are kept at a healthy level. As reputable businesses have the opportunity to hire them with an acceptable amount of legal salary because no one is deprived of their wage rights and improves their employment, the low minimum wage aids in the reduction of people working in the black market. By giving them secure employment and raising the income of the low wage groups, the low minimum wage helps the poor by giving them higher benefits. Thus, the low minimum wage benefits those who earn a second income because, if one member from each household is given the option to work for less than the legal minimum wage, they will be able to support their families and lift them out of poverty. Therefore, Harasztosi & Lindner (2019) believe that there are some benefits to low minimum salaries, which are covered in the following section of the employment essay.

• It affects jobs in the marketplace of international trade.
• It discourages the use of the illicit market by giving everyone access to legitimate jobs and wages.
• It enables any company in a given nation to pay employee wages and hire an increasing number of workers.
• As a result, prices dropped as the firm passed on stable or declining wages. Additionally, regional wage balances contribute to higher first-line effectiveness and productivity on the global market.

Can you provide a framed argument from the negative side in regards to the case scenario of employment essay?

According to Lindner, Zipperer, Dube, and Doruk (2019), a higher minimum wage has a greater impact on reducing unemployment than a lower minimum wage because it encourages workers to work more and earn more money in order to live luxurious lives and escape poverty. Consequently, the increased minimum wage has the following benefits:

Reduction of poverty: The lowest-paid worker's income is increased by raising the minimum wage to higher rates, which helps this worker achieve a stable income status and lessen relative poverty.

Increased productivity: According to the principle of efficiency pay, higher minimum wage rates encourage workers to put in more effort, which in turn boosts labour output (Meer & West, 2016). Thus, it is made clear in the employment essay that if businesses must pay their workers more wages, they may focus more on raising labour productivity, which boosts the effectiveness of the nation's economy.

Increases the incentive and job acceptance: With greater minimum wages come significant variations in the quality of benefits and take-home pay. The high minimum wage encourages participation because the benefits and facilities at work are better and more valuable.

Increase in investment: As labour costs rise, businesses will be more motivated to invest, which will also result in an increase in labour productivity. Long-term, the high minimum wage encourages more investment and higher labour productivity. Instead than only competing with the low minimum wage, that economy is founded on the high added value.

Knock-on impact of the minimum wages: The employment essay looked at Raissian & Bullinger's (2017) opinions on the knock-on effects of the minimum wages. They found that even though only 5% to 7% of workers are paid the minimum wage, this has an indirect impact on those workers' earnings who are paid more. In order to preserve the pay premium for the experienced and highly trained workers, the firms may need to raise the wages for those who are earning more than the minimum wage rates.

Counterbalance the impacts of the monopsony workers: If corporations have this power, they would employ far fewer people, which will drive down wages. As a result, the low minimum wages make it very difficult for labourers to work for the company. Therefore, the high minimum wage may benefit the amount of employment.

Conclusion

According to the evidence presented above in this essay on employment, it can be concluded that the low minimum salaries would contribute to the creation of jobs for people living in that country. The minimum wage helps the businesses incur the necessary funds to hire more and more workers, which helps to increase the employment level of the specific area and gives the worker the legal wage they deserve, as can be seen in the employment context essay above. Due to the population's benefits from employment in many industries and their ability to work hard to lower their families' poverty levels, this aids in reducing the level of poverty in the nation. While high minimum wages weaken businesses since they may run out of money to hire more and more staff while also needing to hire a lot of experienced personnel while forcing low-rated employees to depart from their positions because the company could not pay them.

Reference

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