What are three common remedies for minimum wage? List them in simple words
1. Increased minimum wage: One common remedy for addressing low wages is to raise the minimum wage. This means setting a higher legal requirement for the minimum amount of money that employers must pay to their workers. It aims to provide workers with a better income and improve their standard of living.
2. Indexing minimum wage to inflation: Another remedy is to index the minimum wage to inflation. This means making adjustments to the minimum wage so that it keeps up with the rising cost of living. By linking the wage to inflation rate, the minimum wage automatically increases over time, ensuring that workers' purchasing power does not decrease.
3. Strengthening labor regulations: An additional remedy is to strengthen labor regulations. This involves implementing laws and policies that protect workers' rights, such as safeguarding against wage theft, ensuring fair working hours, and guaranteeing access to benefits like paid leave and healthcare. These regulations help to create a more equitable working environment for low-wage workers and provide them with greater job security.