Quote from: jaocoincrypto18 on Today at 08:19:22 AM

Quote from: semobo on Today at 07:53:14 AM

The sudden increase in wages may cause demand and supply shock and people won't be willing to do business if they aren't making enough profits.

Agree, For the small companies which have a smaller margin. Many of them simply cannot afford to absorb the impact of high minimum wages. In fact there are small business owners out there who if they hire full time workers at 15 dollars an hour those workers will actually make more money than the owner. Someone said that if the government raises minimum wage too much he will shut down his cleaning business and apply for work at a larger company. But then of course he will then have to compete with hundreds of other unemployed people.

Shutting small businesses is not a great idea because they are also the ones contributing to the tax economy of every country so I don't think increasing wages won't happen all of a sudden. There are chances to increase it step by step and maybe that wage rate will be achieved in the next decade while the inflation overcomes the increase due to loss of purchase power so nothing going to be changed at all.