What are the effects of global minimum wage policies?

What are the effects of global minimum wage policies?

Global minimum wage policies aim to ensure a basic standard of living for workers worldwide. They can reduce poverty, but may also lead to job losses in some sectors.

How do these policies affect small businesses?

Small businesses may struggle to meet higher wage requirements, potentially leading to layoffs or increased prices for consumers.

Are there any countries that have successfully implemented these policies?

Yes, countries like New Zealand and Australia have implemented minimum wage policies that have shown positive effects on worker welfare.

What are the arguments against global minimum wage policies?

Critics argue that such policies can lead to increased unemployment, especially in developing countries, and may hinder economic growth.

Can these policies help reduce income inequality?

Yes, by raising the minimum wage, these policies can help narrow the income gap, benefiting low-income workers.