While the defenders of minimum wage law can claim every 21 yo employee in the country is now paid at least £6.19 (https://gov.uk/national-minimum-wage-rates) This also outlaws lower-skilled potential employees acquiring commensurately lower paying jobs. Nice trick! Minimum wage law has locked the most unskilled out of the employment market. Could it be that this is what some union bosses want all along? Why? Because existence of such a law would certainly go a long way towards eliminating cheap new labour that could quickly develop into competition for THEIR member’s positions! ahaa! Seeing as unions cannot increase the amount of money available in a business as they cannot increase productive output, the only sure way they can guarantee higher wages would be to limit the amount of staff being paid. Either that, or the consumer price would have to increase. Incidentally, the staff are consumers too, and would have to also pay these increased costs?
Posted on: Wed, 19 Jun 2013 00:56:15 +0000