If advocates of an unsustainable minimum wage have their way, the next logical step might involve having to lay off staff to compensate.
By – Abayomi Odunowo
In recent years, there has been a growing movement advocating for a significant increase in the minimum wage. While the intention behind this movement is noble – to ensure that workers are paid a fair and living wage – the implications of implementing a very high minimum wage must be carefully considered.
I just wanted to warn and advise the agitators of a very high minimum wage that the implication to the economy is huge and should be handled very carefully. It is possible that in trying to use your right hand to help, you may end up hurting your left hand instead. When private companies and state governments are not able to afford paying this high minimum wage, there is a high chance that a large percentage of people would be retrenched. This would have a detrimental effect on the working class.
It is important to consider the possible consequences of enforcing a very high minimum wage. While the idea behind it is to uplift workers and improve their quality of life, it may lead to unintended consequences such as companies being unable to afford the increased wages and therefore having to lay off staff in order to stay afloat. This would ultimately do more harm than good to the working class.
Would it be better to lay off states or allow for a sustainable increase in minimum wage? This is a question that policymakers and advocates must carefully consider. While it is important to ensure that workers are fairly compensated for their labor, it is also crucial to balance this with the need for businesses to remain competitive and sustainable.
A sudden and drastic increase in the minimum wage could potentially lead to mass layoffs and have a negative impact on the overall economy. It is important to approach this issue with caution and to consider all possible implications before making any decisions.
In conclusion, while the desire to increase the minimum wage is understandable, it is important to approach this issue thoughtfully and carefully. We must consider the potential consequences of a very high minimum wage and work towards finding a balance that ensures fair compensation for workers while also supporting businesses and the economy as a whole. A sustainable increase in minimum wage may be the most effective and beneficial way to support workers without causing harm to the economy.
Otunba Abdulfalil Abayomi Odunowo.
National Chairman AATSG
Mobile: +2349053535322
