Author(s)

Yao Fu

Corresponding Author

Yao Fu

Abstract

The minimum wage system is a policy for the government to artificially intervene in the labor market by the legal means to protect the income of low wage workers and safeguard the most basic rights and interests of workers. Its impact on employment has aroused widespread controversy. Although minimum wage laws are now in effect in many jurisdictions, differences of opinion exist about the benefits and drawbacks of a minimum wage. However, the minimum wage have many disadvantages. Abolishing the minimum wage is the best option. This paper demonstrates the significance of abolishing the minimum wages, alerting people to think it over in a critical way.

Keywords

Minimum Wage, Unemployment Rate, Small Businesses, Gini Coefficient, Poverty Alleviation