pros and cons of doing this?
First 20 responses only please. Thank you
There are no "pro" reasons. If you want a good paying job you START by graduating from high school. 99% of the people working MW do not have a diploma. Fact is, should feel lucky they even have a job. Giving someone a minimum wage does not make them earn it. Fact is, the hard working people will be paying them through their taxes. It's welfare just for showing up at work. It's a very stupid idea.
Who decides the amount? How does one relate it to the cost of living, which widely varies everywhere?
What about the currency value variations?
Australia minimum wage is AU$17.70 per hour or AU$672.70 per 38 hour week (before tax). Casual employees covered by the national minimum wage also get at least a 25 per cent casual loading.
That is now US$12.75 per hour or 0.344 grams of gold per hour. About 11.3 days per ounce of gold.
Some think the raise in the minimum wage in India was a mistake as too high!
unskilled non-agricultural workers to Rs 350 a day
In an 8 hour day that would be Rs 43.75 per hour
That is US$0.64 an hour 0.0174 grams of gold per hour. 233.4 days to earn one ounce of gold.
Sierra Leonean government threatens tough action over minimum wage defaulters
Le500,000 per month. US$90.62 per month. Or about $0.55 per hour
It was a huge increase from before 2015 at only $4 a month.
Do we raise the wages or lower them to get to some global standard?
Basically an impossible task.
Probably not. In many countries of the world you could live like a king on $20,000 a year while in first world countries that would put you at the poverty level.
Absolutely NOT EVER happening.
Any one with half an education can figure out WHY.
Perhaps you should study economics first.