In economics, wages is the reward of labor.
Another, name for the reward of labor, is salary. Now, what is the difference between wage and salary ? There is of course, a distinction. Wages are paid weekly, in a fortnight, at the end of hours of work, or after completing the desired number of pieces of work. A salary is a fixed regular amount usually paid on a monthly basis.
Cost of Living is the amount of of money needed to sustain shelter, food and clothing.
On shelter, one has to commit to ~ rental + water + electricity + land tax (cukai tanah) + property tax (cukai harta), assuming the fees do not rise.
On food, one has to buy ~ rice + salt + garlic + onions + chicken + fish + vegetable + cooking oil + gas, also assuming the prices do not rise.
On clothing, one has to spend a 3rd time from age 10 ½ to 16 ½ , for male and from age 9 ½ to 14 ½ , for females. 2nd time spending is on boyhood or girlhood clothing. And the 1st time spending was one babyhood. A 4th time to welcome adulthood. A 5th time, inescapable if you want to marry, 6th time on mid-age and a 7th time on old age.
Assumed the Cost of Living remained as olden, and is indifference to changes in technology, and climates, what would the sum of the Cost of Living be today ? As olden, people do not talk to a telephone while walking while cycling was a best choice that wouldn't changes climates.
Productivity is a measure of the efficiency of management.
Thus, productivity is simple about what is gotten out minus what is put into. Equally, productivity is about how and not about what, when, where or who. Productivity employ the skills as a means of livelihood whereas production merely means the creation of items which have a market value with consumption through transportation.
The noble thoughts of Prime Minister Datuk Seri Najib Razak is to make sure that Malaysians do not live as a pauper. The Rockets or the DAP (Democratic Action Party) already invested more than 40 years about the minimum wages issue. http://roketkini.com/2012/03/21/lebih-40-tahun-dap-perjuangkan-gaji-minima/
Quite a dilemma or seem equally unfavorable that 80 percent of active businesses could fold under a blanket floor wage or to let 40% of the population to continue their households earning under RM1,500 a month.
Is the current rewards able to sustain the Cost of Living ?
Will the minimum wage not dampen the economy ?
READ MARCH 06, 2012
ACCCIM’S COMMENTS ON IMPLEMENTATION OF MINIMUM WAGES - Surveys Questionnaires/ Reports - acccim
Together, we want
1 - Industries manpower needs
2 - Reduce national dependency
3 - Remove poverty
4 - Maintain Malaysians buying power
5 - Raise productivity
6 - To power economic prosperity
How would a proposed minimum wage increase effect a country's economy ? Be it in Maryland or Malaysia Land, it is usually a headache. Maryland is heading to raise the minimum wage from $7.25 per hour to $10.00 per hour in 2015. Though 2 years away, there is already 2 school of thoughts and Marylanders have two answers ~ one, the plan could propel economic recovery and the second, the plan smother the economy.
FOOD FOR THOUGHT
WHEN THE STRING IS PULLED
THE UPPER BOW NOCK IS LOWERED
THE LOWER BOW NOCK IS HIGHERED
HOW MUCH WOULD DEPEND ON THE TARGET