Why the Minimum Wage Should Be Raised - 1379 Words

What kind of pay would you demand if you were expected to clean dirty toilets, pick up germy trash, and deal with customers who are nasty, rude and disrespectful to you while you are serving them? Would you do it for three dollars an hour? What about seven or eight dollars an hour? Well, many minimum wage jobs involve such duties as these. However, the minimum wage here in Illinois is only $8.25 per hour (US Dept. of Labor, 2014). In Indiana, the state where I work, it is a dollar less than that (US Dept. of Labor, 2014). The following information will discuss reasons why this wage should be increased and the benefits that accompany an increase for all of us regardless to whether we earn the minimum wage or a higher a wage. According to the National Employment Law Project (NELP), one benefit an increased wage would bring would be an improvement in overall productivity resulting in a reduced turnover rate for the company (NELP, n.d.). It makes an employee want to come to work and perf orm at an optimal level if they are being paid well. Basically, the more we are paid, the better we want to perform and the more we will show up for work. Job satisfaction plays a huge role in an employee’s willingness to commit to a company. If we are satisfied with our employer and the pay, chances are we are going to remain with that employer. That is why this would ultimately reduce the employee turnover rates of companies. Good pay is an extremely important factor in job satisfaction. SomeShow MoreRelatedWhy The Minimum Wage Should Be Raised?1410 Words   |  6 PagesAmerica raised the minimum wage to $7.25. However, six years later the minimum wage rage remains the same. It is time once again for the federal government to raise the minimum wage to spur the economy. Raising the minimum wage would help the American economy and the daily life of the citizens for a variety of reasons. The first topic is that it not only would help the people but it also would help the ec onomy as a whole. The second topic is that companies are already raising the minimum wage becauseRead MoreWhy Should Minimum Wage be Raised or Why Not?546 Words   |  2 PagesRaising minimum wages is a contestable issue because it is debated in wide and varied audiences. Minimum wage is near the top of economists’ interest; they are looking for the connection between low wages and poor job markets. Each country sets its own laws and regulations regarding wages. For this reason, it has significant importance to policy makers and workers in each of those respective countries. Social activists have also found interest in the topic due to the fact that those who earn a minimumRead MoreBenefits of Raising the Minimum Wage Essay614 Words   |  3 Pageswho works year-round is less than $16,000 (about $15, 080) according to the current federal minimum wage (Rebuilding). To put into retrospect how out-dated the federal minimum wage is, consider that the minimum wage of 1956 amount ed to exactly $7.93 in 2009 (Henderson). How progressive is it that our nation’s workers being paid less today than workers from the 50’s? The federal minimum wage should be raised in order to assist families out of poverty, to ensure the effort and loyalty of workers, andRead MoreMinimum Wage Should Be Raised935 Words   |  4 PagesMinimum wage is an ongoing debate in the United States. There are some people who think that it should be raised to a higher rate and others who think that it should not. There are many different pros and cons with raising minimum wage. Minimum wage is at a balanced rate that should not be raised due to lack of skill, low education, and economic problems. Jobs that require minimum wage are created for young adults who are in college or high school. They are to help one get one on their feet so thatRead MoreShould Minimum Wage Be Raised?1062 Words   |  5 Pagesever pressing question regarding Minimum wage. Not many subjects can ignite a controversy as quickly as that of whether or not minimum wage should be raised, or by how much should it be raised or if it should remain the same. What is minimum wage? By definition, minimum wage is the minimum hourly wage an employer can pay an employee for work. (â€Å"MinimumWage.com†) America’s minimum wage was first introduced by President Franklin D. Roosevelt in 1938. That minimum wage was introduced as part of the FairRead MoreMinimum Wage Should Be Raised1395 Words   |  6 PagesIn today’s society, minimum wage is an issue. It’s whether or not it should be raised or lowered. This interests almost everyone due to the fact that everyone wants to make money and the amount should reflect the work and skills that are put in. The minimum wage is a major antijobs policy. First things first, the minimum wage buys a lot less than it used to. Only Congress can adjust the federal minimum wage, and it doesn’t necessarily increase with inflation. As a result, its buying power has diminishedRead MoreMinimum Wage Persuasive Essay1106 Words   |  5 Pagesmore than the federal minimum wage? If you said yes then perhaps you are unaware of the many negative effects surrounding a higher minimum wage and after reading this you will be educated on why the minimum wage should not be raised. In the beginning, the minimum wage was created with good intentions. It was originally established in 1938 and was $.25 an hour (Sessions). It was created to make sure that businesses would not take advantage over workers. While the minimum wage was and still is a goodRead MoreMinimum Wages During 21st Century America1649 Words   |  7 PagesMinimum Wages in 21st Century America In the United States the time has come for the next president to be elected and the political fervor has come early this year with an unconventional, surprisingly interesting primary race. With the coming of a new commander in chief the incessant grilling of the candidates has begun and issues, such as poverty in the United States, are being given the national spot light during debates. The issue of poverty has recently gained traction among citizens as wellRead MoreShould Minimum Wage Be Raised?870 Words   |  4 PagesShould Minimum Wage Be Raised? Minimum wage has always been a controversial issue. Many politicians use the argument of minimum wage for their own political propaganda. Some may argue minimum wage should be raised, while others believe it will have detrimental effects on our economy if it is raised. Surprising to most people, minimum wage earners make up only a small percent of American workers. According to the Bureau of Labor Statistics, minimum wage workers make up about 2.8% of all workersRead MoreMinimum Wage And The Wage Essay1728 Words   |  7 PagesRoyer Political Science 120 7 November 2016 Increase Minimum Wage Introduction The United States’ minimum wage has been a concerning issue amongst the low wage earners because of the amount they earn is not enough for them to live on their own. Therefore causing the citizens who earn minimum wage to have an impossible time finding a place to stay and expenses for daily survival. Increasing the minimum wage will solve the issues that the minimum wage earners make, thus increasing the chances of survival

Different Saving Account with Different Provider for JENI

Question: Case Study on SavingJeni is determined to own her own home. She has just left school with 3 A levels at grade A. She has decided not to go to university because she has been accepted on a training scheme with a firm of accountants. This scheme will lead to her becoming a fully qualified accountant in 7 years. Her starting salary will be 16,000 gross per annum and will increase by 1,500 each year for 7 years provided she passes all her exams. Jenis parents have suggested that she lives with them until she is fully qualified and will not take any money from her provided she agrees to save half of her net pay towards a deposit on her own house. Suggest 3 different savings accounts (with 3 different providers) that Jeni could use to save for the next 7 years and provide relevant details in the form of a table. The table should include the name of each provider, a brief description of each product and its key features, and any other details which help distinguish it from the other product s included. Use calculations to estimate how much Jeni might be able to save and demonstrate how her savings might grow using the 3 different accounts chosen in part a. Compare the 3 alternatives, discuss any non-financial considerations that might affect Jenis choice and make recommendations on how Jeni should save. Answer: Introduction Financial services upkeep the economy and offer vital credit to families, client and occupational or business. We are building an agenda that stimulates an accountable and supportable financial service business, undertaking the problems of competition and danger or risk in the banking region.Saving account basically maintained by trade financial associations that pay interest then again it cannot be cast-off openly as money in the tapered logic of a medium of exchange. There are different types of savings account in UK for every people. They can save on a regular basis, on notice saving account, fixed bond maturity saving account as well as individual saving account. All saving account has different features. They have some merits and demerits too. Different Saving Account with Different Provider for JENI Regular saving accounts at HALIFAX Notice saving account at Chartered saving account Cash ISAs account at Airdrie Saving Bank These accounts are generally required by client to credit money each month, short of be unsuccessful so people are best for collectors who are preparatory out or who request to leak nourish cash into account in a well-organized system. This type accounts work in diverse manner to immediate access deals. As Jeni want to save for 7 years and she dont want to access quickly. This saving account is tax free from earning interest. As Jeni is looking for home it will help her ISAS means individual saving account. It has limitation of withdrawals in each year. It cannot for emergency withdrawals. But in this bank there is no withdrawal facility within 12 month. If want to withdraw, in advance you have to tell the provider. This bank allows people to invest 1 minimum for opening the account. It is restrict towards investing more than assured amount each month. It prevent you from insertion extra money in account if it go well with you. Notice period should be 30,60 or 90 days according to this you have to plan prior for withdrawing cash. It has variable rate but tax free. This bank not provides you any bonus. Any emergency withdrawal within notice period might you lose some interest. It is available for the 16 year old or more than 16. There is fixed interest rate. i.e. 2% There is variable interest rate. The gross amount will get after deducting income tax. It is transferable account. Means from one ISAs to any other ISAs account You can access your account online to see your balance in the bank branch. Minimum amount 1000 in year. Below this amount bank will reduce interest rate Payment of cash can be at any time in the year Your account will transfer into saving bank account after 12 month of investment. There is also not providing any bonus. It can be monthly or lump sum payment Jeni can start investing in saving account from 25 to 230 per month or lump sum amount in a year. Jeni can save on lump sum basis. Saving is tax free. Features of Saving Bank Account Regular saving account: - In this account people can save on regular basis each month. They can start saving in lump sum basis also This account can transfer to other saving account after 12 month. There is fixed interest rate Limits on withdrawal, are not tax free Notice saving account: - Minimum amount have to maintain. Withdrawal is allowed after notice period i.e. 30,60 or 90 days Interest amount reduced when withdrawal is happen before notice period. Variable interest rate and lump sum amount can pay each year. Cash ISAs: - It is tax free on interest and saving Variable rate of interest Monthly or lump sum amount can save. Min balance 1 apart from other saving accounts. 1 Calculation for interest saving by regular saving Jeni spend Half amount 16000/2= 8000 If she pays 2000 in a year @ of 4% without additional 1500 which she will get every year? She will get interest of 631.86 so total amount in the year become 2631.86. 2 Calculation for notice saving account: If jeni will pay 2000 in year in notice account every year with variable interest rate of 4.5 % and deposit every month 200 she will earn 22443.02 because it is compounded on yearly basis. 3 calculations for fixed individual saving account (ISAs) Jeni will pay 2000 for fixed ISAs @ 8% than she will get 3173.75 per year. According to me I suggest to invest in notice account because it will give her more return than Other savings account. Because access account will give you cash quickly when you needed. For notice saving account Jeni will pay lump sum amount every year. In Regular saving computation it presumes lodgments go into it which is prepared on the 1st day of every month. Interest rate and gross interest return account shows calculation of bonus and it is assume that it is invested lump sum every calendar year. Non Banking Financial Services It is that company which is listed under the company Act, 1956. They are mainly affianced in the dealing of acquisition and merger of bonds, share, debenture and securities and in loans and advances by marketable securities such as hire and purchase etc. or issued by the local authority or government. It consists of various intermediaries in financial sector. They can invest in mutual funds, pension funds as well as hedge fund and so on and there is also risk transfer individual like insurance company which assured people to give certain amount as per the circumstances. Jeni can also invest in government bond because it will give fixed return and also risk free. These bonds are basically issued by government to maintain government spending in domestic currency. There are different types of government securities like treasury bills; commercial paper etc. bond has maturity date from 1 to 30 years. And Jeni can invest in intermediate bond; its maturity period is 3 to 10 years. References Chartersavingsbank.co.uk, (2015).Charter Savings Bank. [online] Available at: https://www.chartersavingsbank.co.uk/Products/NoticeAccount [Accessed 21 May 2015]. Halifax.co.uk, (2015).Halifax UK | Savings Accounts | Regular Saving Account. [online] Available at: https://www.halifax.co.uk/savings/accounts/regular-saver/ [Accessed 21 May 2015]. key features documents of notice account. (2015). 1st ed. [ebook] Available at: https://pdf.chartersavingsbank.co.uk/kpd/keyproductfeatures-na00000017.pdf [Accessed 21 May 2015]. Key.com, (2015).Bonds: Bond Features, Benefits and Types of Bonds. [online] Available at: https://www.key.com/html/bond-investing-benefits.html [Accessed 21 May 2015]. Mybanktracker.com, (2015).Compare the Top Savings Rates. [online] Available at: https://www.mybanktracker.com/compare-savings-rates?ZoneID=Quick_LinksProductID=Savings-Savings_Accountsutm_expid=8709804-38.TF7hGNVeSIOf69bUJnXqAw.0utm_referrer=http%3A%2F%2Fwww.mybanktracker.com%2Fbanks [Accessed 21 May 2015]. Permanenttsb.ie, (2015).Compare Saving and Deposit Accounts | Savings Deposit Accounts | permanent tsb. [online] Available at: https://www.permanenttsb.ie/whatweoffer/savings-and-investing/compare-deposit-savings-accounts/#results_all [Accessed 21 May 2015]. Singh, D. (2007).Banking regulation of UK and US financial markets. Aldershot: Ashgate. Which.co.uk, (2015).The different types of savings account - Finding the best savings account - Savings investments - Which? Money. [online] Available at: https://www.which.co.uk/money/savings-and-investments/guides/finding-the-best-savings-account/the-different-types-of-savings-account/ [Accessed 21 May 2015].