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minimum wage increase!
I make about $10 an hour right now. When the minimum wage increases to $7.50, will my wage increase, too? And won't the cost of everything go up? If it does, then why make the minimum wage higher if everything is gunna get more expensive?
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Well, it's like this- with the huge increase in gas prices, everything has ALREADY gone up in price.
I mean, I walk into the grocery store, and I pay over $9 for less than 5 pounds of hamburger, when I used to be able to get it for $5 or $6. And that isn't the only thing that has gone up in price.
Everything that is shipped requires the use of some sort of fuel, weather it be by plane, train, or truck. Since the huge price increase for fuel, it costs companies more to ship their products. They have to make ends meet somehow, so they raise their prices to the stores, etc, and then they in turn have to raise their prices on the consumer.
So, increasing minimum wage is an overdue relief on the poor guy, like me, who can only buy a gallon and a half of milk for her children for every hour worked. Thankfully, I'm lucky enough that my husband has now got a decent paying job, so I don't have to worry about my son's next meal anymore, but many, many others are not so lucky.
So see, it's a good thing. It makes those who make merely $5.15 per hour able to afford to eat more than just potatoes, with the rising cost of consumer products, such as groceries.
As for your wage going up, that is up to your employer. You make over the required minimum hourly wage, so they don't have to change your rate of pay at all if they don't wish to.
Hope I got your questions answered, and didn't just bore you to sleep or plant question marks of confusion over the top of your head. :)
ygs-29/f
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NO your wages won't go up when the minimum wage goes up. Because your company already pays you more than the minimum wage, the government cannot tell them what to do. Most companies though, because they want to keep good employees and employees that they have already invested some time and training in...will give raises once a year or so. Then there are "merit raises" Those are raises that your boss gives you because you are doing such a great job.
It is true, that if the guy who owns Dunkin' DOnuts has to give everyone a raise to comply with a new law raising the minumum wage, he is only going to pass the increased costs on to his customers, and a cup of coffee could go up .10 cents or so. This is a case of government integering in our market economy. Lawmakers believe that a lot of parents work minimum wage jobs and that they cannot run a household, pay rent, pay utilities, and buy food and raise kids on minimum wage. And they are right, but mostly of the minumum age workers are kids.
You are very inquisitive, and I hope that you will feed your natural curiosity by going to college. The questions you ask are important. Economists ask them every day as they try to determine what our economy is doing. Most people don't stop to think about those things. Good luck to you.
Michele
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It might, but who knows. One thing companies do, if they claim to be competitive, is they MIGHT raise it to keep up with their claims. I wouldn't hold your breath, you are still making quite a bit more than minimum wage, but it might go up by 50 cents at most. Good luck!
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