minimum wage
8:40:50 2018-10-08 13

So we all work, well at least everyone reading this or else you wouldn’t afford the proper means to stream the internet anyways. Now we obviously to get money so we can buy whatever necessities and live a good life.
 

Some of us get paid a good amount, other not so much.
 

Now each country has its own laws when it comes to wages.
 

Some countries have a very high minimum wage, while others have rather a very low minimum wage and we’ll tell you how’s it’s beneficial to have a low minimum wage and a high minimum wage.
 

Those who say that a higher minimum wage is more beneficial claim that the minimum wage in their country is too low for anyone to live on and that a higher minimum wage will help create jobs and grow the economy. 


On the other hand, there are those who favor a lower minimum wage. They claim that many businesses cannot afford to pay their workers more, and will be forced to close, lay off workers, or reduce hiring; and that increases in minimum wage have been shown to make it more difficult for low-skilled workers with little or no work experience to find jobs or become upwardly mobile.

 

Rising global inequality has made minimum wages a hot topic in countries around the world, as governments attempt to ensure low-paid workers have the chance to escape relative poverty.

Now before we begin talking about minimum wage, let us see how the world stands in terms of minimum wage. Now this chart is based on data from 2013 but we can still get an idea for most countries.

 

Australia has the most generous minimum wage, with workers earning a minimum of US $9.54 an hour. Next is Luxembourg, where workers can expect to take home at least $9.24 after tax. The top three is completed by Belgium. Here, the post-tax minimum wage sits just above $8.50.
 

Now if you’re wondering why Finland, Sweden, Denmark, Norway, Iceland, Austria, Switzerland and Italy were not included in this list, it’s because these nations do not have federal rules on minimum wages and that’s a good thing for them because their wages are already high.
 

Now what are the pros and cons of increasing the minimum wage?

 

Let’s start with the pros:

  1. Increases economic activity and spur job growth - The US Economic Policy Institute stated that a minimum wage increase from the current rate of $7.25 an hour to $10.10 would inject $22.1 billion net into the economy and create about 85,000 new jobs over a three-year phase-in period. So more money more jobs.
  2. Reduces poverty - According to a 2014 Congressional Budget Office report, increasing the minimum wage to $9 would lift 300,000 people out of poverty, and an increase to $10.10 would lift 900,000 people out of poverty.
  3. Reduces government welfare spending -If low-income workers earned more money, their dependence on, and eligibility for, government benefits would decrease. But then more for government isn’t a good thing either lol if they’re corrupt.
  4. Reduce income inequality – how many of you out there are jealous and say why does he receive this much and I don’t?
  5. Increase worker productivity and reduce employee turnover - As the minimum wage rises and work becomes more attractive, labor turnover rates and absenteeism tend to decline. If you get good money for what you’re doing especially if you are working extremely hard then your hard-fought efforts should be paid off well.


Now enough with the pros, let’s move on the cons, those who say that the minimum wage should not be increased:

  1. Forces businesses to lay off employees and raises unemployment levels - In a survey of 1,213 businesses and human resources professionals, 38% of employers who currently pay minimum wage said they would lay off some employees if the minimum wage was raised to $10.10.
  2. Increases poverty - The higher wages are, the higher costs of production are. The higher costs of production are, the higher prices are. The higher prices are, the smaller the quantities of goods and services demanded and the number of workers employed in producing them.
  3. Hurts businesses and forces companies to close - 60% of small-business owners say that raising the minimum wage will "hurt most small-business owners," according to a 2013 Gallup poll.
  4. It would disadvantage low-skilled workers- From an employer's perspective, people with the lowest skill levels cannot justify higher wages. If the minimum wage is increased to $10.10, "and the jobs that presently pay $7.25 had to pay $10.10, then workers who previously would not have considered those jobs because of their ability to earn $8, $9, or $10 per hour will now consider them...

 

Now what does the public opinion think?

A May 2015 poll conducted by the New York Times found that 86% of Democrats, 50% of Republicans, and 76% of independents were in favor of raising the minimum wage to $10.10 per hour, and 67% of men and 75% of women were in favor.


Public support for raising the minimum wage has been over 70% as far back as 1994.


A 2013 Gallup poll found that 50% of small business owners were opposed to raising the minimum wage to $9.50 an hour and 60% believed such an increase would hurt most small business owners.


A 2015 poll by the Wall Street Journal found that 49% of small business owners favored raising the minimum wage while 49% were opposed.

 

What does Islam say about wages in general?

Prophet Muhammad, peace be upon him, basically sums it all up in one hadith when he says, “Pay the laborer his wages before his sweat dries.”


The Prophet also says, “Whoever employs someone to work for him, he must specify for him his wage in advance.”


On the other hand, the worker must satisfy the conditions between him and the employer in what is not prohibited under Sharee‘ah. The Almighty Allah has said: {O you who have believed, fulfill [all] contracts.} (Quran 5:1)


Through these we can conclude that Islam really regards and puts emphasis on the right of giving the proper wage to those who really deserve it.


So finally Should Minimum Wage Be Increased? If it is low and it is insufficient for your living and you think that you deserve more than yes demand for it. Go out protest and demand your rights for a higher wage.


But if you think that your country is paying you well and is respecting the efforts you’re putting into your work, then thank God.

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