Raising the minimum wage will increase the take home pay of those employed at the current minimum wage, if they keep their jobs.We’re putting more money in people's pockets by raising the National Living Wage. 4 million people will get a pay rise. #CPC19 #GetBrexitDone pic.twitter.com/pLZZ3nXu13— Boris Johnson (@BorisJohnson) October 1, 2019
The downsides are:
1 It increases the costs of the firms that employ people on minimum wages.
2 It increases the likelihood that staff will be laid off, in order to reduce increased costs.
3 Increased costs may well be passed on to the consumer.
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