How Does Minimum Wage Hurt Workers ?
I mean Seriously ? ……
I cant believe such questions are still been asked today especially in the current global economic trends and after the 2008/9 recession that shook both US and UK economy so badly.
Have you looked around you lately ?
Minimum wage hurt workers in more ways than one and believe me when I say this because you do not need Google search or Wikipedia to find the answer.
It is right there in your face.
Why and how ?
Because at the end of this post, you will come to understand:-
1, How minimum wage hurt workers today.
2, Why minimum wage will continue to hurt workers in years to come.
3, And how you can overcome living only on minimum wage from today.
What is Minimum Wage ?
National Minimum Wage according to Gov.UK website for example “is the minimum pay per hour almost all workers are entitled to by law”.
Every country has their various rate of what constitutes minimum wage rate, what age of workers are entitled to it and how you can check if you have been paid accordingly.
How Does Minimum Wage Hurt Workers?
There are many ways in which minimum wage hurt workers today and these includes:
1, It Leads To Low Motivated employees
Well for starters it leads to more mediocre employee because you will find it difficult to get supper superior employee if you pay your workers minimum wage rate.
These workers are people with the same huge amount of financial difficulties at home.
Knowing very well that tomorrow is going to be another dead end minimum wage job day in day out with out prospect of change will always be a mood killer to do more.
The most painful part today is that nothing changes for the minimum wage earner even when every other aspect of their job will continue to change.
2, Minimum Wage Earners Always Remain Deeper and Deeper Into Debt
Don’t get me wrong !!
Because debt is debt and when it get to bad and doubtful debt then you are in serious trouble.
And you are going to need some serious help to get out of it.
Now what if I ask you a few question and you can be honest within this post because we all need help at one point or the other:-
- Are you a minimum wage earner ?
- Are you happy with your current job ?
- Does your take home income equates your monthly out goings ?
- Is your marginal propensity to save equals your marginal propensity to consume out of your consumable income ?
- Where do you see yourself financially next year with your current job ?
- Are you ahead of your debts ?
- Are you happy with your level of monthly out goings ?
- Do you want more out of your take home pay ?
The ugly truth is that there are no two ways about it.
It is what it is simple as that.
If you want more, then you are going to start thinking out side the box.
In fact you need to start thinking as if there are no box at all !
With minimum wage you will always find it difficult to meet up with the everyday price increase in commodities and high cost of living.
The rate at which these cost increases are far greater than the annual minimum wage increase of any economy you may find yourself in.
I am a living example and that is why I am writing this post, hoping to help low income earners explore options so they will not rely on minimum wage alone.
3, Minimum Wage Earner Always Find It Difficult To Save For Rainy Days
It is a known fact that with minimum wage job, you will always find it hard to save for rainy days.
We all knew that the purpose of working is to earn enough and be able to set aside something for retirement.
How many of us can testify to that with minimum wage job today ?
With minimum wage, you are constantly tied to a static and predictable wage that does not give room for savings.
This is because your wage will hardly change the effects of your increasing expenses and constant need to meet up with daily cost of living standard.
The employers on the other hand can not be totally blamed for not paying higher wage because the effects of such increase in payment may be attributed to a constant change in government policies as well as its effects on economic trends.
If this is so then why does the minimum wage earner bear most of the burden ?
Why should you have to strive day in day out just to stay barely above waters of high cost of living ?
Why should you limit yourself to just minimum wage when you have the same equal opportunity do more to support yourself and family ?
I will leave you with that thought to chew on ……..
4, Minimum Wage Will Never Be Enough
As our needs and wants will continue to rise, so will our desire to fulfil these needs and to be able to afford them.
The problems with minimum wage are that we will be unable to :-
- Travel the world on minimum wage if this is among your list
- Unable to afford the things we want always
- Unable to expand our expenditures
- Unable to borrow at a good rate
- Unable to climb to the real-estate ladder
- Unable to do things and buy the things we really want in life without worries of stepping deeper into debt
- Unable to get out of debt
- Unable to live out of our comfort zone
Why I Think Minimum Wage Will Continue To Hurt Workers In Years To Come
Well believe it or not minimum wage payment is here to stay and will continue to be for unknown foreseeable time to come.
And I think for the following reasons, minimum wage will continue to hurt workers for years to come :-
1, Because most politicians will tell you that increasing the minimum wage will help alleviate the poor and the disadvantaged. While this may sound encouraging, research has proven that this does not force employers to pay a particular wage to every employee.
2, You will only here such promises to increase minimum wages during and only close to election time.
3, There is no such increased amount that will be enough because every inch of increase in minimum wage will be met with an increase in standard of living. Do the math.
4, Companies will continue to seek for more cost effective labour market just to stay sustainable and profitable. Look around your demography today and recollect how many well known companies that have moved their production abroad in search of cheap labour ?
5, The debate and argument regarding either to raise and not to raise minimum wage will continue to remain strong and will be an on going one for years to come. True or false ?
6, Most people in high level of government and various high positions who make these decisions and implement those policies that affects minimum wage payment does not really have the first hand grasp of what minimum wage earners experience.
Because they do not earn minimum wage.
7, Structure of pay will continue to differ from one company to the other, especially the small businesses and the multinationals.
8, Inflation and interest rates will continue to play a vital role in any country’s national debt and borrowing capacity. This in turn influences currency and country’s GDP as well as labour cost. I am sure I got you thinking how and why already ?
9, Why does politicians always remember their promises to increase minimum wage and improve standard of living only during or before election times ? I am sure you know the answer to that plus you already knew this is going to be an on going phenomenon.
10, Plus many more and please do feel free to include more if you got one in the comment box at the bottom.
How To Stay Above Minimum Wage From Today
Staying above the minimum wage will mean you have to get another job or continue to do extra hours of work.
But we both knew that this does not always turn out well and you will always end up over stretched just to stay above the water.
I am not an expert in such matter and I am no guru in all thing magic button to make extra money fast but I believe in life experience and following what works.
The following are ways I believe you can make extra money quickly and hence support your family better.
1, Rent out your spare room and earn free income.
Check out Easyroommate, Gumtree and SpareRoom to advertise for free.
2, Make extra cash from your driveway
If you live close to a city like London for example, you can post your postcode to sites like ParkatmyHouse you will be contacted by people with urgent need to park their car.
3, Review products for money.
Companies like Ciao.co.uk for example will pay £3 for each review you write.
4, Get cash for your ink cartridge
by recycling it as well as your old gadgets
5, Get paid to party or
becomes a consultant to The Body Shop and earn up to £100 to sell special beauty products in people homes.
6, Make money from your creativity.
Sites like Folksy.com and NotMassProduced.com are willing to accept your home made goods online. They attract a lot more customers than you do if you set up your own shop.
7, Become a voice over artist
by subscribing with Voices.com, upload a sample of your voice and quickly apply for voice over works on the side. You can be lucky to be head hunted due to your unique voice and that my friend is success, recordings, cash …..you name it.
There are huge opportunities out there to make extra money online if you know how to find an honest and reputable way.
I must emphasis that there are no such thing as quick magic formula or software to make 6 figures online. If it does exist we will all be billionaires by now wouldn’t you agree ?
With that said,
I will suggest you go for a programme that has potential of life time recurring income. That way you still keep your job while you earn handsomely and you can quit your job entirely if you so desire.
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I will continue to explore more legitimate ways you can earn extra income to help and support yourself.
Do come back for more updates.
Do you have any other ideas that may help others ?
Please do share your thought on the below box.
If then I will suggest if you are fed up of minimum wage and need ways to earn extra income to support yourself and family ? CLICK HERE NOW
If you have any questions or comments please do so in the box provided below and I will get back to you immediately.
Also if you find this post useful, please do share the heck out of it for me so others can learn and get help as well.