The minimum wage used to be $8 an hour but as of May 1st, it has increased to $8.75. By November 1st, the wage will increase to $9.50 and by May 1st, 2012, the minimum wage would increase to $10.25. The training wage of $6 has also been eliminated.
With the minimum wage going up, a full-time minimum wage worker will have more than $4, 000 to support themselves and their families. This is going to be extremely helpful in creating stronger and more stable families.
For employers, this is another case. By increasing the minimum wage, employers have either two choices. One, to raise his prices or two, gets rid of employees. This is an extremely important factor because in today’s
economy, raising the prices will most likely not happen so employers will probably get rid of employees.
I think that the rise in the minimum wage is a good thing but I don’t think that it will be that great for the families with lower incomes. This is the case because prices are more than likely to rise and this would definitely become a problem. The impact for employers would be different depending on the size of their business. Small businesses will most likely benefit because they have few employees. Larger companies will have to cut down on employees because they would need to reduce their numbers of workers.
http://www.vancouversun.com/business/minimum+wage+rise+2012/4451912/story.html
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