Macroeconomics introduces the variables that are external and factors that affect the economics. It has various pillars such as unemployment, price stability as well as balance of payment. These elements help in defining the status of the country’s economic level in comparison with the development. In the employment of the resources that are available in regard to the technological improvement shows the utilization level and hence economic growth. In the employment, the work force demand remuneration according to the skills and the level of the production. This introduces the wage and salaries as the means of compensation. It depends with the nature of the contract between the employee and the employer.
Wage in the macroeconomics it helps in defining the level of compensation of the work and labor. Economic helps in relating the profitable margin in reference to the nature of labor and expertise. Labor economics points out the level of the compensation with respect of the factors such as education level, skills, experience and age among other factors. Minimum wage has to be the order that describes the amount that a laborer has to take home. The relation of the minimum wage with the economic level helps in describing the level at which the workers has to be paid. The economic status of the country shows the capability of raising the wage in respect of good performance in development and growth. This helps in understanding the rates at which the wages are regulated.
Definition of the minimum wage depends with the country’s economic status and the valuation of the growth as well as performance. Setting the minimum wage has to follow the criteria that are set. In every level of the economy depending with the labor market, there are several factors that are consider in deciding the minimum level of the wage. Furthermore, raising the wage level also depends with the economic performance where the well performing country has to enjoy high wage rate. The understanding of the criteria that are employed helps in making decision in regard to the nature of the economy whether the current wage rate is justified.
The effects felt in the budget of the respective country that raises the minimum wage, has to rise. The family income would definitely increase hence huge burden to the government to compensate the workers accordingly. This is then transferred to the commodities and services the citizens that they receive in the market. The prices will increase to cater for the increase of wage rate. The taxes in the state would be reviewed upward to provide the more funds for the government to compensate the public wage.
Minimum wage also helps in designing the level of consumption in the country. The living standard of the people depends with the level of income and consumption. The government has initiated the balance of the development of community and at the same time the welfare of the workers. This is through wage they receive and the welfare of the social status of the citizens. The government has the responsibility of ensuring consumption, provision of the public resources and the living standard of the citizens are given priority. This is through regulation of the economic standard and wage level of the employees. Government as the main regulator of the wage rate should ensure its increase does not violate the economic standard.
Raising Minimum Wage Essay Examples
Type of paper: Essay
Topic: Government, Politics, Workplace, Economics, Human Resource Management, Nature, Performance, Compensation
Pages: 1
Words: 275
Published: 2020/03/02
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