ChaoticMusings

Syl · FIRM BUT FAIR.

Substantial minimum wage rise to be announced.

Syl · FIRM BUT FAIR.

https://www.birmingham.ac.uk/news/2024/budget-2024-younger-workers-get-16-minimum-wage-uplift-but-what-about-the-social-wage#:~:text=%E2%80%9CAs%20part%20of%20Labour%27s%20Plan,those%20aged%2021%20and%20over.

Magica · Go Outside

Syl wrote:
Good thing or bad?

In today's budget, as from next April, for people aged 21 and over, the minimum wage will rise to £12.21ph.
For 18 to 20 year olds, a 16% increase, will bring their minimum wage up to £10ph.

Some owners of small businesses are not happy and are saying they will have to lay people off.

They are entitled to it. My granddaughter is working for bare minimum, for a well known company who can afford it. She's leaving now and got a job for £11 an hour. We would never have worked for such pathetic low wages an hour when older. Glad they've raised the minimum wage, give the kids a chance.

jackb · 1000 Posts!?

I'm not sure it's a good thing at the moment.
NI to go up for the employer too so each employee is going to cost more.

Maddog · Go Outside

If minimum wages raised the standard of living, every nation losing citizens for a better life somewhere else could just raise the minimum wage and increase the living standards of their citizens.

It's political pandering that doesn't work economically..

Many of the wealthiest nations don't even have a minimum wage..

Syl · FIRM BUT FAIR.

Magica wrote:
Syl wrote:
Good thing or bad?

In today's budget, as from next April, for people aged 21 and over, the minimum wage will rise to £12.21ph.
For 18 to 20 year olds, a 16% increase, will bring their minimum wage up to £10ph.

Some owners of small businesses are not happy and are saying they will have to lay people off.

They are entitled to it. My granddaughter is working for bare minimum, for a well known company who can afford it. She's leaving now and got a job for £11 an hour. We would never have worked for such pathetic low wages an hour when older. Glad they've raised the minimum wage, give the kids a chance.

Alternatively Mags, some kids will be let go, so whatever the legal minimum wage would be, that's no good if there is no job for them.

Legitimate small family businesses are struggling as it is, without rent/rates/NI and now minimum wage rises.

Also, we have that many immigrants, many illegal, unscrupulous employers will simply employ more of them for a pittance.

Magica · Go Outside

Kids should get a decent wage whatever!

Maddog · Go Outside

Magica wrote:
Kids should get a decent wage whatever!

Give them £100 per hour.

Wages are a component of costs.

As you raise wage across the board, you raise costs. The new wages won't buy more things than the old wages because the things will cost more..

And has been mentioned, the wage of a lost job is zero

Digger · Admin

Syl wrote:
Good thing or bad?

In today's budget, as from next April, for people aged 21 and over, the minimum wage will rise to £12.21ph.
For 18 to 20 year olds, a 16% increase, will bring their minimum wage up to £10ph.

Some owners of small businesses are not happy and are saying they will have to lay people off.

I think it's good. Everybody should be on a half decent wage no matter their occupation.

jackb · 1000 Posts!?

Maddog wrote:
Magica wrote:
Kids should get a decent wage whatever!
Give them £100 per hour.

Wages are a component of costs.

As you raise wage across the board, you raise costs. The new wages won't buy more things than the old wages because the things will cost more..

And has been mentioned, the wage of a lost job is zero

We heard exactly that over and over when Blair introduced the minimum wage ...

and such predictions didn't happen because the wage payers decided to take the hit and not pass it on.

Maddog · Go Outside

jackb wrote:
Maddog wrote:
Magica wrote:
Kids should get a decent wage whatever!
Give them £100 per hour.

Wages are a component of costs.

As you raise wage across the board, you raise costs. The new wages won't buy more things than the old wages because the things will cost more..

And has been mentioned, the wage of a lost job is zero
We heard exactly that over and over when Blair introduced the minimum wage ...
and such predictions didn't happen because the wage payers decided to take the hit and not pass it on.

Wage increases don't happen in a vacuum. If prices didn't rise to account for the new wages, then folks had to be let go to account for them.

Now, it's possible to raise the minimum wage and it has no impact on prices, if wages are already high enough that everyone is already making more than the minimum wage.

Minimum wage increases are one of the favorite ways for politicians to pander to voters..

"Look at me, I'm helping"..

jackb · 1000 Posts!?

Maddog wrote:
jackb wrote:
Maddog wrote:
Magica wrote:
Kids should get a decent wage whatever!
Give them £100 per hour.

Wages are a component of costs.

As you raise wage across the board, you raise costs. The new wages won't buy more things than the old wages because the things will cost more..

And has been mentioned, the wage of a lost job is zero
We heard exactly that over and over when Blair introduced the minimum wage ...
and such predictions didn't happen because the wage payers decided to take the hit and not pass it on.
Wage increases don't happen in a vacuum. If prices didn't rise to account for the new wages, then folks had to be let go to account for them.

Now, it's possible to raise the minimum wage and it has no impact on prices, if wages are already high enough that everyone is already making more than the minimum wage.

Minimum wage increases are one of the favorite ways for politicians to pander to voters..

"Look at me, I'm helping"..

For Blair it happened when the banks were flooding the western world with cheap money.

People were starting hairdressers shops bathroom fitting companies kitchen fitting outfits cafes small garages and tyre depots building companies painting and decorating interior design outfits... when Blair said things could only get better he obviously knew what the banks were planning... a massive boom and bust operation.

The boom was huge and few would or could put up prices because of the minimum wage introduction as the amount of competition was huge!

It didn't happen in a vacuum.

Me and Truthy discussed all this on dogs at the time when you still thought banks only lent out money that they had sat in a safe.

We kept saying the boom wasn't sustainable and wasn't meant to be.

Maddog · Go Outside

That has nothing to do with the minimum wage.

It's a ploy by politicians to pander to people.

It doesn't help anyone except maybe large corporations who can use it to to price out small operations, and of course the politicians..

jackb · 1000 Posts!?

Maddog wrote:
That has nothing to do with the minimum wage.

It's a ploy by politicians to pander to people.

It doesn't help anyone except maybe large corporations who can use it to to price out small operations, and of course the politicians..

Yes it did!

Whatever service you were looking for there were thousands.

None of which wanted to pass on an overhead to the customer at a time of keen competition apart maybe from large companies and they can usually absorb such inconveniences anyway.

Syl · FIRM BUT FAIR.

Large companies can swallow the increase, lots of smaller companies can't.
Add more expense on top of the already crippling expenses of running a business, and many will simply close.

Look at pubs. More than 2 established pubs close every week in Britain, and year on year the numbers have increased...the majority have closed because they simply can't afford to stay open.

It's estimated that in a few decades time, the pub, that British tradition that has lasted centuries, will hardly exist anymore.

Syl · FIRM BUT FAIR.

In yesterday's budget, the biggest, loudest ,hand waving cheer Reeves received (obviously from her own party) was the announcement she was knocking ONE PENNY off the price of a pint.

In real terms, this is a pub/restaurant owner's prediction of what her budget has done to the price of a pint.

"The Budget is "catastrophic" for the pub industry and will see the price of a pint rise by as much as 40p, a pub boss has warned.

A combination of hiking the amount employers pay in National Insurance and increases to the minimum wage and business rates has sparked fury from the hospitality industry, with many saying they will have to raise prices.

Anthony Pender, owner of two pubs and a restaurant, told the BBC businesses were "being taxed to death", while the boss of Fuller's pub chain said the National Insurance rise was a "crippling hammer blow" to pubs.

Chancellor Rachel Reeves said increasing taxes on businesses was the right choice to fund public services, such as the NHS.

But while she claimed she did not increase taxes on "working people", there are concerns that increases on employers will end up ultimately hitting workers and consumers, through lower pay rises and higher prices."

"As well as raising prices, he said he would have to look at reducing costs, which may include reducing hours and possible redundancies."

'This catastrophic Budget will push up the price of a pint' - BBC News

jackb · 1000 Posts!?

Syl wrote:
In yesterday's budget, the biggest, loudest ,hand waving cheer Reeves received (obviously from her own party) was the announcement she was knocking ONE PENNY off the price of a pint.

In real terms, this is a pub/restaurant owner's prediction of what her budget has done to the price of a pint.
"The Budget is "catastrophic" for the pub industry and will see the price of a pint rise by as much as 40p, a pub boss has warned.

A combination of hiking the amount employers pay in National Insurance and increases to the minimum wage and business rates has sparked fury from the hospitality industry, with many saying they will have to raise prices.

Anthony Pender, owner of two pubs and a restaurant, told the BBC businesses were "being taxed to death", while the boss of Fuller's pub chain said the National Insurance rise was a "crippling hammer blow" to pubs.

Chancellor Rachel Reeves said increasing taxes on businesses was the right choice to fund public services, such as the NHS.

But while she claimed she did not increase taxes on "working people", there are concerns that increases on employers will end up ultimately hitting workers and consumers, through lower pay rises and higher prices."
"As well as raising prices, he said he would have to look at reducing costs, which may include reducing hours and possible redundancies."

'This catastrophic Budget will push up the price of a pint' - BBC News

Like I said at the beginning now isn't the time for wage increases.

Maddog · Go Outside

Syl wrote:
In yesterday's budget, the biggest, loudest ,hand waving cheer Reeves received (obviously from her own party) was the announcement she was knocking ONE PENNY off the price of a pint.

In real terms, this is a pub/restaurant owner's prediction of what her budget has done to the price of a pint.
"The Budget is "catastrophic" for the pub industry and will see the price of a pint rise by as much as 40p, a pub boss has warned.

A combination of hiking the amount employers pay in National Insurance and increases to the minimum wage and business rates has sparked fury from the hospitality industry, with many saying they will have to raise prices.

Anthony Pender, owner of two pubs and a restaurant, told the BBC businesses were "being taxed to death", while the boss of Fuller's pub chain said the National Insurance rise was a "crippling hammer blow" to pubs.

Chancellor Rachel Reeves said increasing taxes on businesses was the right choice to fund public services, such as the NHS.

But while she claimed she did not increase taxes on "working people", there are concerns that increases on employers will end up ultimately hitting workers and consumers, through lower pay rises and higher prices."
"As well as raising prices, he said he would have to look at reducing costs, which may include reducing hours and possible redundancies."

'This catastrophic Budget will push up the price of a pint' - BBC News

Taxes and wages really aren't paid by businesses.

They are collected by businesses from their customers.

The customers with the least amount of money are impacted the most.

This is why you should always be very skeptical of a politician that is claiming to help people by raising taxes or wages

ChaoticMusings

Machines were mice and men were lions once upon a time. But now that it's the opposite it's twice upon a time.

Machines were mice and men were lions once upon a time. But now that it's the opposite it's twice upon a time.

Machines were mice and men were lions once upon a time. But now that it's the opposite it's twice upon a time.

Machines were mice and men were lions once upon a time. But now that it's the opposite it's twice upon a time.

Machines were mice and men were lions once upon a time. But now that it's the opposite it's twice upon a time.