Minimum Wage, not good enough?
Mann551
Minimum Wage should be higher than what it is right now, $1.20. My theory is that minimum wage should be at least $3.14, if income tax is 10%, or $2.99 if income tax is 5%.
I have my reasoning for this with an example as well. My reasoning is actually placed into my example. As well, the prices listed in this example are from 2 days ago.
Say you work in a Q1 work place at minimum wage, and you lose 1 health every day, and you also lose 1 health for training. your wage covers the cost for 1 food to replenish 2 health, and covers the costs, but you barely get anything to save with, if food prices are $0.95. But because you automatically lose 4 health a day, requiring 2 extra food a day. Bringing the total food to 3 a day and 3x0.95=2.85. This is the amount of money it costs to live everyday, therefore putting a minimum wage need to be at this point.
But wait, what about income tax?
With income tax at 10% or 5%, this brings the need for minimum wage to be at $3-$3.15 a day.
This is the minimum cost of living in Canada,
Current prices: food is at 0.68. So let's do some math
food prices x number of food needed = cost of living
$0.68x3
😳2.04
if we take this and multiply 1.1 for 10% income tax, or multiply it by 1.05 for 5% income tax we get
$2.04x1.1
😳2.24
$2.04x1.05
😳2.14
minimum wage should be at least $2.24 currently
thanks for reading, please vote it up for the higher power of the government to see and maybe discuss in the forums.
Thank you
Comments
minimum does not need to be changed for ONE MAJOR REASON...NO ONE IS OFFERING THE MINIMUM WAGE. Apprentice job offers are way higher than the $1.20 you speak of. So there is no reason to even discuss the issue....because there is no issue.
Minimum wage only really matters in times of economic stability.
I have statistically proven that lowering the minimum wage creates jobs, and this was at a time when the minimum wage was even remotely close to the market wage for a noob employee.
Minimum wage should be the in-game minimum at all times and for good reason. You never know when admin is going to make a significant change to the economy that will crash market wages to a point where you need to pay a wage below an artificially inflated minimum wage set by congress.
The other thing is that the market naturally moves the "effective" minimum wage up and down with market conditions.
The only legit $1.20 minimum wage jobs are slave pit jobs that serve to avoid income taxes.
Agreed Min wage is currently a moot point. I have asked the admins to give congress the ability to instate a salary cap however... still waiting... I won't hold my breath.