Good explanation of min wage negative impact

[Kb27]

Re the article; machine to replace low-skilled workers is just a matter of time, whether you have min wage or not.

 

For some jobs you just can't have machines doing or the machines are just too expensive or unavailable....like the old aunties/uncles clearing/cleaning tables.

 

Invariably, with or without min wage, supply and demand will dictate wages.

 

And the local employers will always kpkb about high local wages, so they can bring in cheapie foreigners.

 

Oh...did they mention did cheap foreign labours ?

Edited August 11, 2015 by Kb27

[Joseph22]

bro...Greed is in everybody and every has a different tolerance to it. The poor would say 1000/month is enough but for those elite.....a million or a billion is just not enough.

For us commoners.....200000 for a hdb flat we happy liao...😂😂😂😂

That's why I say they underestimate...

 

When we have 1k we ask for 1.5k when we have 1.5k we ask for 3k.........

 

Until we become Forbes 100

Re the article; machine to replace low-skilled workers is just a matter of time, whether you have min wage or not.

 

For some jobs you just can't have machines doing or the machines are just too expensive or unavailable....like the old aunties/uncles clearing/cleaning tables.

 

Invariably, with or without min wage, supply and demand will dictate wages.

 

And the local employers will always kpkb about high local wages, so they can bring in cheapie foreigners.

 

Oh...did they mention did cheap foreign labours ?

I think what tS want to say is that when wages is so high until machine become cheap....

[Evillusion]

That's why I say they underestimate...

 

When we have 1k we ask for 1.5k when we have 1.5k we ask for 3k.........

 

Until we become Forbes 100

 

I think what tS want to say is that when wages is so high until machine become cheap....

thats not greed.....that is our cost of living....😂😂😂😂

[CKP]

This is a misleading thread on the negative impact of minimum wages because:

 

1. The WSJ article selectively quotes anecdotes from CEO and CFOs of a select industry.

The question you should ask yourself, "why are the economists completely missing in the article?

 

2. The answer to the above is that academia,

which has published hundreds of studies on the link between minimum wages and unemployment (over 500 studies),

has found a negligible and insignificant link between minimum wages and unemployment.

 

3. In other words, there used to be an intense debate

on the link between minimum wages and unemployment in academia since the 1980s

but this question has been conclusively settled,

based on hundreds of studies and research articles published and cited.

 

4. Because the link between minimum wages and unemployment has been shown to be tenuous,

most countries have therefore moved forward with adopting minimum wages.

 

Edited August 11, 2015 by CKP

[Porker]

This is a misleading thread on the negative impact of minimum wages because:

 

1. The WSJ article selectively quotes anecdotes from CEO and CFOs of a select industry.

The question you should ask yourself, "why are the economists completely missing in the article?

 

2. The answer to the above is that academia,

which has published hundreds of studies between the link between minimum wages and unemployment,

has found a negligible and insignificant link between minimum wages and unemployment.

 

3. In other words, there used to be an intense debate

on the link between minimum wages and unemployment in academia since the 1980s

but this question has been conclusively settled,

based on hundreds of studies and research articles published and cited.

 

4. Because the link minimum wages and unemployment has been shown to be tenuous,

most countries have therefore moved forward with minimum wages.

 

And I could add the obvious advantage that minimum wage brings to the economy. People have more money to spend and actually do spend more and that spurs the economy.

 

I swear there are global economists in bulge bracket firms or maybe even the ECB or IMF here in MCF 😂😂😂

Edited August 11, 2015 by Porker

[Kangadrool]

Actually, we do have "minimum wage". It's just being packaged differently and smartly.

 

We already have "minimum" wage requirement in certain segments in a controlled manner, example: for cleaners (in order to bid or participate in certain cleanings). We have been lobbying for higher wages for security guards, but the real stumbling block is greedy employers.

 

We also have wage subsidies under various schemes, job credits....

 

 

[Evillusion]

Actually, we do have "minimum wage". It's just being packaged differently and smartly.

 

We already have "minimum" wage requirement in certain segments in a controlled manner, example: for cleaners (in order to bid or participate in certain cleanings). We have been lobbying for higher wages for security guards, but the real stumbling block is greedy employers.

 

We also have wage subsidies under various schemes, job credits....

 

 

you know for every contract cleaners paid, how much will the company keeps for itself? Dont say cleaners.....security guards are also in that bracket. The cost of employing them may actually br double that what the company pays them.....so much for minimum sum!

[Kangadrool]

I aggarate it 2.5 to 3 times the wage. That is, pay poor worker $1K, but charge $3K.

 

Sometimes, these poor workers got to come up with their own $$$ to buy their own equipment 'cos these cleaning companies refuse to provide proper and better brooms for the cleaners.

 

Agree it's like opium addiction. How to forgo such an "easy" money making business which is relatively risk-free compared to other businesses.

 

It's modern day "slavery". But, people coin it with sugar-coated terns like "outsourcing".... to suit themselves.

 

you know for every contract cleaners paid, how much will the company keeps for itself? Dont say cleaners.....security guards are also in that bracket. The cost of employing them may actually br double that what the company pays them.....so much for minimum sum!

 

[Evillusion]

I aggarate it 2.5 to 3 times the wage. That is, pay poor worker $1K, but charge $3K.

 

Sometimes, these poor workers got to come up with their own $$$ to buy their own equipment 'cos these cleaning companies refuse to provide proper and better brooms for the cleaners.

 

Agree it's like opium addiction. How to forgo such an "easy" money making business which is relatively risk-free compared to other businesses.

 

It's modern day "slavery". But, people coin it with sugar-coated terns like "outsourcing".... to suit themselves.

 

 

ya...my workplace also like that. Tried to fight for them but kana shot down as the company is paying nearly 3k fir each individual cleaner and guards.

The boss of the cleaning company jumped down from a building......he lost a lot of money in one of his gambling session. Pity his workers...no safety boots, broom also kana ration. Some cheap equipment also became a bone of contention.