Question

why do we need a law on minimum wages?

Answer 1

There is constant grumbling from free market aficionados that a minimum wage destroys jobs, particularly for the young. Obama’s proposal to raise the minimum wage is running into opposition in Congress despite evidence that it would have little effect on job supply. In the UK, the Chancellor of the Exchequer has recently ruled out any real increase in the minimum wage. And in Germany, debate continuesover whether to introduce a minimum wage at all.
Arguments in favour of a minimum wage mostly hang on the idea that firms have a responsibility to ensure that their workers earn enough to live on. If a firm can’t pay its workers enough to live on, then it isn’t a viable business, because it is dependent on wage subsidies. Of course “enough to live on” depends where you live: the cost of living in London is considerably higher than it is in, say, Newcastle, so a minimum wage that would give a reasonable standard of living in Newcastle is starvation level in London. The campaign for a voluntary Living Wage tries to persuade firms to pay above the current UK minimum wage, which is perceived as being below the real cost of living
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Answer 2

Answer:

Explanation:

As some of the companies pays way less than deserved by the employee. the extent of hard work done by the employee is not justified by the amount paid to them. Thus, the law on minimum wages is required