POSITIVE EFFECTS OF A MINIMUM WAGE IN A MARKET ECONOMY

 

  • Results into increased savings and investment by workers.

  • Helps workers to meet the increasing cost of living.

POSITIVE EFFECTS OF A MINIMUM WAGE IN A MARKET ECONOMY


  • Promotes equity in income distribution when rationally implemented.

  • Helps fight malpractices like corruption and moon lighting.

  • Leads to increased government popularity.

  • Leads to increased demand for goods due to increased incomes.

  • Protects workers from exploitation by employers.

  • Leads to increased efficiency of the workers.

  • Leads to increased labour supply or reduced voluntary unemployment.

  • Leads to reduced brain drain.

  • Minimises labour unrest thus promoting industrial peace.

  • Promotes mobility of labour.

  • Leads to increased revenue to government through taxation.

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