Will minimum wage laws work here?

[ftpofmpo]

Math is hard but I can tell you it ain't rocket science. Let me take you through the rationale instead. Labor is worth what someone is willing to pay for it. Generally, that willingness is tied to how much the labor can produce. If you are cleaning floors, then how many square feet per hour can you do? If the employer supplies an electric floor scrubber enhancing performance of the laborer then the laborer can earn more and the employer also earns more. Thus, if the employee can now do twice the square footage per hour she may get 50% more in pay not 100% because the employer needs to get the cost of the floor scrubbing equipment paid back over time with interest. If the employee wants to make more then they can invest in tools and they will be able to get 100% of the benefits. The tools invested in by the employee can be a electric floor scrubber, mechanics tools, or education.

For those who have squandered or otherwise not been able to take full advantage of the first 15 years of their road will be much harder because they will have to create a surplus from their low pay jobs in order to finance the education they missed before they can qualify for a better paying job.

However, if the low/no skill worker cannot find jobs she can do then she cannot create a surplus to pull herself up to a higher pay level. So it is important to have low/no skill jobs available so persons willing to work hard and sacrifice current consumption for investment in their futures can succeed. If we price them out of the market, then we will have them on the dole for their entire lives. This is bad for society and destructive for both the individuals and the economy.

y ibs can earn more than low skill worker (n high skilled blue collar)?

 

[MatrixFanatic]

No but most of the benefits will still go to the corporation....companies will never pay u more than they need to.sometimes not even what they need to.

And if more companies strive to be innovative they will look hire the best and wages will increase.

 

[gnoes85]

Unless u bangla, otherwise min wage will kill us all

 

[lazysundae]

So what is? Encourage innovation? Encourage Sinkies to have some pride in their work?

just becoz it doesnt work doesnt mean it becomes our responsibility to solve it

classic pap retort what is ur name what have u done

Sent from YNWA at Anfield using GAGT

 

[fox1]

Wah so many CEO EDMW boibois talking about how much they pay their employees and extolling how minimum wage benefits their businesses.

 

[SiBehHandSome]

Gahmen say will erode work ethic wor

 

[Dilemma6]

Some things are a necessity not just a profit center,just like u don't secure train parts with cable tie.thats why I pity those that work in cost centers like the anime planetes,they have to figure out how to perform miracles with the worst resources even though their role is as important as profit centers.

Have you started planning your moves to Australia?

 

[frenchbriefs]

And if more companies strive to be innovative they will look hire the best and wages will increase.

Looks like human race is doomed,unless we adopt socialism.

 

[fox1]

Looks like human race is doomed,unless we adopt socialism.

Why doomed?

 

[frenchbriefs]

Have you started planning your moves to Australia?

What does that have to do with anything discussed in this thread?

 

[ftpofmpo]

as gov ibs, we already have one, low ses losers!

 

[gohsan]

All corporations seek to minimize cost and maximize profit.

So we either cut down the foreign workers quote drastically and control it tightly so they have no choice to employ locals. Demand for labor increase then ultimately they have to increase the salary until a level that can attract singaporeans.

Or

We implement minimum wages to attract local labor in and encourage companies to employ locals over foreigners through some other policies

Yes agreed, tightening foreign labour is the first basic step. With less foreigners the demand for basic thing like food will drop so does prices. Companies will be force to go up the value chain and find more efficient way of doing things instead of having ten fw to patch a small hole on the road.

 

[fox1]

as gov ibs, we already have one, low ses losers!

If you don't like your job, you should find another one got like.
加油。

 

[LionsTurf]

https://www.gov.uk/national-minimum-wage-rates

SGD15 an hour notch bad.

 

[fox1]

Yes agreed, tightening foreign labour is the first basic step. With less foreigners the demand for basic thing like food will drop so does prices. Companies will be force to go up the value chain and find more efficient way of doing things instead of having ten fw to patch a small hole on the road.

Let's see say ShopA sells rice for $5.

It has 100 customers per day: 50 SG, 50 foreigners.

It makes $5x100= $500 revenue per day.

Govt sends all 50 foreigners home.

ShopA has 50 SG customers per day.

Will it sell $5x50= $250 revenue per day?
Or lower like $4?

 

[Dilemma6]

What does that have to do with anything discussed in this thread?

Australia minimum wage is high

You always been pro minimum wage and you did mention that you wanted to move there.

So im just asking out of concern.

 

[gohsan]

Let's see say ShopA sells rice for $5.

It has 100 customers per day: 50 SG, 50 foreigners.

It makes $5x100= $500 revenue per day.

Govt sends all 50 foreigners home.

ShopA has 50 SG customers per day.

Will it sell $5x50= $250 revenue per day?
Or lower like $4?

He can sell at whatever price as long as he can survive with lower demand. The market is very efficience one and will adjust by itself. If demand drop and he can maintain the price new players may join in. If he can not survive he will find some other biz to do.

 

[spinning_quirK]

in theory minimum wages sound nice and dandy. it helps the poor gets the minimum wages they need to survive.

In practice, too.

in practice, firm will just hire less people as the demand shoot up while the supply reduce.
some people get paid more, while more people are unemployed.

This problem is overblown. Many firms right now hiring low-wage workers do so because workers are so cheap. Minimum wage of $5 doesn't do much for most low-wage workers, who are earning that amount already anyway. People laid off due to minimum wage cost tightening are free to find other jobs, or can be given study credits or unemployment support while they reskill or upgrade.

another thing is the market will re adjust itself, making cost of living much much higher. in the long term minimum wage will just increase inflation

How much higher? It's minimum wage. Maybe there's something wrong with our economy if we depend on hordes of low-paid workers so much that even something simple like minimum wage will kill us.


Come, let's get back to reality, shall we?
Current high cost of living is due to internal and external factors.

Internal:
1) parasitic quasi-government system of high direct and indirect rentals.
2) mass inflow of capital parked in Singapore.
3) mass inflow of foreign "talents" driving up consumer demand while supply has not kept up.

External:
1) repeated printing of USD aka quantitative easing.

 

[frenchbriefs]

Why doomed?

Capitalism is Darwinism.

I watch this stupid Justin Timberlake movie once called in time,where time is currency.....there's this quote in the movie.....for few to be immortal,many must die.

And then there's capitalism in Singapore....u know how it is easier for singaporeans to swallow the capitalism pill,first we convince ourselves and dehumanise them by telling ourselves,these people are from third world countries,it's ok to pay them next to peanuts,after all they come from shyt holes,when they go back they will have mansions and farms waiting for them....
But if it's singaporeans who are being exploited?even then I think sinkies will still take it in stride lol,they will just tell themselves they are exercising,or they are low educated,bus drivers,toilet cleaners,dishwashers are human trash,they deserve it.

 

[Ethan_]

Not expert, do enlightened, don't quite get the reason for cost of living rising. Prices are already increasing regardless of minimum wage or not, why then single out minimum wage to blame, when it hasn't is really so.

Spoiler

Some more no one say how much is minimum wage, so what't the worry without the cause first. Its up to the system to decide, and nobody decide anything yet. But think given local pattern, won't be surprised it would be not much different from current or quite low that it doesn't matter.

And think cause minimum wage is the least can pay, but in a competitive economy many people will tend get more than that, won't even see minimum wage is what. So minimum wage or not won't affect them much.

Those that may be affected are those really low level who could be underpaid, which minimum wage may help them get more. But those low level the work they do at that kind of pay think won't impact most people much. What's wrong with giving them a little more then.

Spoiler

Thus from certain perspectives, think its quite funny those high paying some with the work they do may not deserve it but not many would kpkp. But those lower level take little do alot, just give them a little more many kpkb.