does min wage hike offer any benefits to sum one making 60,000. should i expect a bigger increase than normal
2007-01-10 10:37:28 · 4 answers · asked by OFFICER CAMPBELL 2 in Business & Finance ➔ Personal Finance
No, probably not. A min wage hike in general does harm to the overall economy, rather than help it. Companies (especially small companies) must raise prices or release people so they can afford payroll expenses, which is good for no one. If you are in a commercial/retail business that sells a product, you probably won't get a raise at all, since your employer will can your raise in favor of keeping payroll expense down. If you are in a service industry, you'll probably be unaffected, as service industries have different minimum wage requirements.
2007-01-10 10:51:18 · answer #1 · answered by Anonymous · 1⤊ 1⤋
Besides the impact on people who make the minimum wage, the rate hike will probably have its greatest impact on individuals who are currently making $7-8 an hour. Companies will probably have to give these employees raises to keep them from leaving if there are suddenly many more job opportunities that make this same amount of money. It seems unlikely to me that this "trickle up" effect will reach anyone making more than $9-10 an hour.
2007-01-10 20:53:46 · answer #2 · answered by Lavender 2 · 0⤊ 0⤋
perhaps your tips will increase
2007-01-10 18:49:06 · answer #3 · answered by cork 7 · 0⤊ 0⤋
No.
2007-01-11 00:54:35 · answer #4 · answered by Anonymous · 0⤊ 1⤋