The Advantages and Disadvantages of Minimum Wage
This essay will give an overview of the advantages and disadvantages of the minimum wage. There are many different opinions about whether a national minimum wage is a good or a bad thing for our economy and people individually and by looking into various different resources and researching thoroughly, a conclusion will be drawn to hopefully provide a fair and unbiased review.
In the UK, there are 3 different bands when it comes to minimum wage, if you are between 16 and 17 years old you are entitled to no less than £3.68, workers over 18 years of age but under 21 are entitled to £4.98, and over 21s are entitled to £6.08. This basically means that if you are employed by a company, they have to pay you the specific hourly rate that you are entitled to.
Employees benefit from a minimum wage as it gives them an income, a fair rate of pay that will able them to afford to live, buy things and filter money back into the economy.
There are different pros and cons concerning different people when it comes to the minimum wage. Firstly though, we will be looking into the benefits regarding the employees themselves who earn the money. From the financial aspect, a minimum wage allows employees to work and earn more money than they would be receiving if they were on social benefits (Job Seekers Allowance). There are a lot of negative opinions concerning Job Seekers Allowance, you are entitled to this is you are unemployed but still looking for work. “You can claim JSA online if you are: * actively looking for work or working fewer than 16 hours per week * over 18 but below State Pension age * living in England, Scotland or Wales” –http://www.direct.gov.uk/prod_consum_dg/groups/dg_digitalassets/@dg/@en/documents/digitalasset/dg_200090.html
Having a job and earning your own money can have a positive effect on a persons life. The social benefits are endless. Earning your own money can help achieve a level of self respect, knowing that you are working hard and deserving
In the UK, there are 3 different bands when it comes to minimum wage, if you are between 16 and 17 years old you are entitled to no less than £3.68, workers over 18 years of age but under 21 are entitled to £4.98, and over 21s are entitled to £6.08. This basically means that if you are employed by a company, they have to pay you the specific hourly rate that you are entitled to.
Employees benefit from a minimum wage as it gives them an income, a fair rate of pay that will able them to afford to live, buy things and filter money back into the economy.
There are different pros and cons concerning different people when it comes to the minimum wage. Firstly though, we will be looking into the benefits regarding the employees themselves who earn the money. From the financial aspect, a minimum wage allows employees to work and earn more money than they would be receiving if they were on social benefits (Job Seekers Allowance). There are a lot of negative opinions concerning Job Seekers Allowance, you are entitled to this is you are unemployed but still looking for work. “You can claim JSA online if you are: * actively looking for work or working fewer than 16 hours per week * over 18 but below State Pension age * living in England, Scotland or Wales” –http://www.direct.gov.uk/prod_consum_dg/groups/dg_digitalassets/@dg/@en/documents/digitalasset/dg_200090.html
Having a job and earning your own money can have a positive effect on a persons life. The social benefits are endless. Earning your own money can help achieve a level of self respect, knowing that you are working hard and deserving