Minimum Wage Benefits

For decades, the minimum wage has always been a heated issue that is seriously considered by the majority of people. In fact, in some aspects, an increase in the minimum wage can bring numerous benefits. Initially, it partly makes a significant contribution to the development of the economy by boosting the consumption as well as building up the growing speed of jobs. Secondly, raising the basic income causes a decrease in the number of poor employees by increasing their life expectancy. Besides, thanks to it, the government may spend less money on welfare (particularly income-support programs) to help the impoverished workers, which leads to a reduction of taxes among residents. In addition, the rising minimum wage diminishes the unfairness gap between men and women but also the income inequality, which results in the encouragement of worker productivity and the decline of employees'
Firstly, it can put pressure on companies' compensation budget to make them dismiss more and more workers, which leads to an increase in unemployment rates and criminal crimes (such as theft, drugs selling,...). Furthermore, the rising minimum wage is also a major contributing factor to either the increasing replacement of human resources by technology which is much cheaper (such as robots, machines,...) or the dramatic shift in job hunting in countries with lower basic income. Fourthly, it does pose a severe threat to the shutdown and cancellation of businesses, especially small companies due to a lack of investment and capital costs. Finally, this increase will cause the falling percentage of school enrollment because of the irresistible attraction of high salary.

Conversely, as far as I am concerned, I agree that the minimum wage should be raised but only at the modest rate and at the proper time when the economy is completely strong and the intellectual level of residents is high