Question

What are the advantages/disadvantages of increasing minimum wage?

Answer 1

Answer:

Advantage :-

The primary argument advanced in favor of raising the minimum wage is that higher earnings would improve the overall standard of living for minimum wage workers by providing them with a more appropriate income level to handle cost of living increases.

Disadvantage:-

Among the disadvantages of increasing the minimum wage is the probable consequence of businesses increasing prices, thus fueling inflation.

Explanation:

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Answer 2

Answer:

Increased wages and spending raise demand and create more jobs. Workers stay with employers longer (instead of seeking out better-paying work with other companies) reducing businesses' turnover, hiring, and training costs. Lower unemployment and higher wages increase tax revenues.