The paper is about the minimum wage Why should the minimum wage be Essay

The paper is about the minimum wage Why should the minimum wage be increased - Essay Example The wave of technological advancements and climate of modernity has given money a different value piling pressure on people to find ways of achieving financial solace and offering labour to industries and has been one of the many actions that people have indulged in especially in UK. People get into the workforce with expectations of earning some money that can support and sustain them. Although minimum wage rates were initially meant for teenagers who offered simple services for low payments, the poor wages have progressed up to today. In 2011, approximately four million American workers sweated for less than seven dollars an hour (Risher, 2013:7). This shocking statistics has brought up several arguments about whether the governments should consider raising the compensation a little bit higher so that citizens working in the ‘employed’ sectors can take home some wages that are worth their toils. Thesis Statement: Increasing minimum wage will bring many benefits not onl y to workers but also to the whole economy. Marx (2007:21) describes minimum wage as the lowest compensation that a labourer gets from their employer on hourly, daily or weekly basis for their informal services that they offer. Wages are compensations paid to unskilled labourers for the manual labour that they offer to their employers. For example, a nanny who baby sits a child when the parents are away can be paid daily once they are done with their jobs. The amount paid may be calculated based on the number of hours that they took with the baby and offered their services. In most states ad nations, there clearly stipulated guidelines that safeguards the lowest compensations that a worker can get. For example in the UK, anyone who is above 21 years is supposed to be paid a minimum wage of  £6.5 (As of 2014 official rates). Other countries also have their limited wages that the employers cannot go below. In a nutshell,