Performance-based Pay: Minimum Wage Should Be Abolished (Essay Sample)
The sample discusses performance-based pay and elucidates that minimum wage should be abolished. The paper outlines the main advantages of performance-based compensation for employees, organizations, and employers. The paper also gives a different view that shows an advantage of minimum wage. however, The benefits of performance-based pay exceed the minimum wage concept.
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Performance-based Pay: Minimum Wage should be abolished
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Performance-based Pay: Minimum Wage should be abolished
The debate on minimum wage and performance-based pay rages on as economists deliberate on their impact on people’s lives and organizations. The performance-based pay is compensation based on achieved targets by an employee. Conversely, minimum wage involves a fixed level of compensation for any services provided by a worker. The minimum wage policy aims to fight poverty and improve employees’ living standards. However, the policy negatively impacts companies through additional costs of running a business, prompting a reduction in working hours and new recruitments. The minimum wage should be abolished because of its adverse effects on employee productivity and employment despite its positive impact on solving remuneration inequality.
Implementing the minimum wage requirement affects employee productivity and the firm’s performance in
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