2007-02-01 14:17:28 · 7 answers · asked by Amanda B 1 in Business & Finance ➔ Careers & Employment
The current federal minimum wage is $5.15 but the senate recently voted to raise the minimum wage to $7.25. Your wages would only go up if you made less than $7.25.
However, putting everyone at a higher minimum wage may force employers to also raise wages for their other workers that they want to retain.
2007-02-01 14:30:38 · answer #1 · answered by Samuel L 2 · 0⤊ 0⤋
Yes.
Everyone will demand higher wages.
2 rationals, if minimum wages goes up. prices will go up, so you will demand a wage increase to keep up.
Alternatively, suppose you make $11 per hour, about twice minimum wage. Suppose minimum wage goes up to $7.50, now you only make 50% more than minimum wage. To you, that is a loss of pay, you will demand more to keep that same ratio. Everyone on the wage scale will likewise expect a raise.
In essence this means a minimum wage increase will have no practical effect as all wages and prices will increase across the board.
As a pracgical matter, the day wages go up do nt expect a commensurate pay raise; it will take a little time for wages and prices to reach a new equilibrium.
2007-02-01 14:22:16 · answer #2 · answered by Peaches 4 · 0⤊ 1⤋
No of course not. Only the people stuck making minimum wage will get more money.
LL
2007-02-01 14:27:36 · answer #3 · answered by LeapingLizard 3 · 0⤊ 0⤋
There is no requirement for anyone already making more than minimum wage to have their pay raised as well. But you can ask and hope.
2007-02-01 14:24:57 · answer #4 · answered by Brian G 6 · 0⤊ 0⤋
no they just rise the minimum wage in Ohio and my wage didn't increase at all. Last time I vote for that
2007-02-01 14:25:26 · answer #5 · answered by the man the myth the answerer 5 · 0⤊ 0⤋
no, your wage will most likely not change if you currently make more then minimum wage.
Michael
2007-02-01 14:20:09 · answer #6 · answered by PrayerRequestBox 3 · 1⤊ 0⤋
I would say it depends on your employer. But more than likely not.
2007-02-01 14:22:27 · answer #7 · answered by precious1too 3 · 1⤊ 0⤋