Raising the federal minimum wage will also stimulate consumer spending, help businesses’ bottom lines, and grow the economy. A modest increase would improve worker productivity, and reduce employee turnover and absenteeism. It would also boost the overall economy by generating increased consumer demand.

Who will benefit from raising minimum wage?

Raising the federal minimum wage to $15 an hour would improve the overall standard of living for minimum wage workers. These workers would more easily afford their monthly expenses, such as rent, car payments, and other household expenses.

How does raising the minimum wage affect the economy?

Raising the minimum wage increases consumer spending and boosts the economy . A study by Doug Hall and David Cooper estimated that a $2.55 increase in the minimum wage would increase the earnings of low-wage workers by $40 billion and result in a significant increase in GDP and employment.

Is the minimum wage a good thing for workers?

Some studies find that the minimum wage has significant benefits for workers; others conclude that it is harmful. Many studies have been inconclusive. Even so, there appears to be a growing consensus that when the minimum wage is set at a moderate level, the impact on employment is modestly negative.

Is there need to increase minimum wage in Nigeria?

The need to increase the minimum wage of workers in Nigeria is long overdue considering the skyrocketing prices of goods and services in the country. The argument as to whether or not an increase will help the economy is untenable, misplaced and unthinkable to say the least.

Is the federal minimum wage going up in 2016?

The debate over raising the federal minimum wage level continues on in 2016, with some proposals pegging the suggested minimum at $10 an hour, and others aiming substantially higher at $15 an hour, a level that has already been implemented by the city of Seattle.