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Cut in Minimum Wage
Comments
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Maybe they are going for a pincer movement, scrap the NMR and scrap working benefits?'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher0
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There has been a long history of wage regulation initially via wage councils
The current national minimum wage was introduced in 1999.
Many predicted that it would lead to a fall in employment however that failed to materialise.
However, the period from 1999 until 2007/8 was a period of unprecedented booms years so there is still an argument that in bad times (like now) the minimum wage prevents new jobs being created.
Personally I think it better to either abolish it or at least freeze it in the expectation that new jobs will be created.0 -
Graham_Devon wrote: »If business cannot afford to pay the minimum wages, theen there is either a problem with:
A) The business and it's profit levels
The cost of living
C) Government taxes
It's not C, and in most cases, it's not A either. So were just left with B.
I don't see how reducing minimum wages and pumping up benefit payouts is going to help the actual problem. It just makes the problem worse, especially since we are already propping up so many, which in turn increases the price of goods above their natural level.
The cost of living is the elephant in the room that muct be looked at at some point.
maybe the problem is expectations and the level of benefits0 -
Many predicted that it would lead to a fall in employment however that failed to materialise.
However, the period from 1999 until 2007/8 was a period of unprecedented booms years so there is still an argument that in bad times (like now) the minimum wage prevents new jobs being created.
Personally I think it better to either abolish it or at least freeze it in the expectation that new jobs will be created.
I thought we had been surprised by how many jobs have been created (post 2007) during one of the worst recessions/depressions in history? It is not the creation of jobs that is the problem it is the withering of pay rates.'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher0 -
Graham_Devon wrote: »If business cannot afford to pay the minimum wages, theen there is either a problem with:
The coalition Government appears to be attempting to break the link with inflation where ever possible. Given growth is lower than inflation. Above inflation pay rises merely add costs and/or additional borrowing. For business there is no way of recovering the additional cost. Many private sector companies (like the public sector) have wage freezes.0 -
I thought we had been surprised by how many jobs have been created (post 2007) during one of the worst recessions/depressions in history? It is not the creation of jobs that is the problem it is the withering of pay rates.
Presumably there is no correlation or causation between decline in pay rates and the rate of job creation?0 -
when minimum wage was introduced, did it have any impact on things like consumer product or sevice costs?
I was too young to remember it when it was started
It was introduced with dire warnings that it would cost jobs but as it turned out it had no such effect. Obviously certain kinds of employers who preferred benefits to top up their low wage policy felt a little poorer and moaned the most.Few people are capable of expressing with equanimity opinions which differ from the prejudices of their social environment. Most people are incapable of forming such opinions.0 -
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i have become a lefty. it is marvelous rolling around in my own stupidity. i have solved the whole crisis. instead of cutting the NMW it should be increased to £400 an hour. then, we will ALL be rich. How marvelous.0
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Presumably there is no correlation or causation between decline in pay rates and the rate of job creation?
The minimum wage doesn't appear to have been a hindrance though?'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher0
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