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Minimum Wage in the UK.
Member rating: No Rating | Words: | Submitted: Mon Jun 19 2006
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Nikolai Rovneiko ECOI0006 Introductory Microeconomics Monday, 10 December 2001 Minimum Wage in the UK. After careful and lengthy consideration the UK government decided to introduce a National Minimum Wage in April 1999. The general wage was set to £3.60 per hour and at £3.00 per hour for those aged 18-22. Although the Low Pay Commission set up by the government went through a lot of research both in the UK and abroad there was little certainty what effect this legislation will have on the economy. Some supported this decision yet there also were many criticisms. In this essay I will try to analyse the effects of a minimum wage on different markets and different employment groups. A minimum wage is the lowest possible amount of money an employer can pay his or her employees. The main objective of the minimum wage is to provide the people that receive the wage with a standard of...
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