Its not wrong though. Because minimum wage law doesnt just increase low wage earners, it will increase for everyone. Example a cook earning the same as a dishwasher, then the cook will be unhappy. So everyone pay have to increase. Cost of goods have to go up together as well because company needs to pay more to the employees. Companies either have to increase price (higher cost of living) or cut down employees (higher unemployment). Both are not good. In the end, having a minimum wage law could make things worse. Implenting a minimum wage law is easy to say but hard to do. Elderly and other people with sort of disadvantages in finding work will be in trouble. Dont forget CPF employer 17% contribution even though some might argue it is locked in CPF but employers cannot siam it. Higher cost of living or higher unemployment rate will probably make things even worse. The rich have no worries but the poor have to work even harder. People will also less likely want to have kids. Because cost of living goes up, a kid cant earn money so parents pay even more to take care.
Its not wrong though. Because minimum wage law doesnt just increase low wage earners, it will increase for everyone. Example a cook earning the same as a dishwasher, then the cook will be unhappy. So everyone pay have to increase. Cost of goods have to go up together as well because company needs to pay more to the employees. Companies either have to increase price (higher cost of living) or cut down employees (higher unemployment). Both are not good. In the end, having a minimum wage law could make things worse. Implenting a minimum wage law is easy to say but hard to do. Elderly and other people with sort of disadvantages in finding work will be in trouble. Dont forget CPF employer 17% contribution even though some might argue it is locked in CPF but employers cannot siam it. Higher cost of living or higher unemployment rate will probably make things even worse. The rich have no worries but the poor have to work even harder. People will also less likely want to have kids. Because cost of living goes up, a kid cant earn money so parents pay even more to take care.