Answered Essay: How has the $15 minimum wage affected the lives of employees?

How has the $15 minimum wage affected the lives of employees?

Expert Answer

Answer: The minimum wages of $ 15 has impacted on the lives of the workers in both positive and negative manner. The following are both positive and negative impacts of minimum $15 wages

Positive:

  1. The living standards of the workers have improved
  2. This has increased the spending power of low paid workers who will now spend more which will in turn benefit them by stimulating the demand in the economy and creating more jobs
  3. The morale and motivation of the workers has increased
  4. Workers have got economic stability

Negative

  1. Job losses have occurred because many businesses in order to reduce their costs because of the increase in the minimum wages have started to go for automation so that the cost of labour can be reduced
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