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Everyone will be expected to know:
- Pros and cons of National Minimum Wage
Money Twist Trainers:
- Living wage
How many people earn minimum wage?
- In Low Pay Commission latest report, they estimate that in 2017 around 11% of all jobs are minimum wage ones.
- Such jobs are more likely to be: part-time; temporary; held for less than a year; in the private sector; in small and medium sized firms; and in certain low-paying industries and occupations.
- Around 9% of jobs that are part-time, temporary, or have been held for less than a year are minimum wage jobs, compared with 2–4% of jobs that are full-time, permanent or have been held for more than a year.
- In private sector organisations nearly 6% of jobs are minimum wage ones but only 1 per cent of jobs in public sector organisations are.
IMPORTANT FACTS - Pros & Cons of the Minimum Wage
The Minimum Wage is a controversial area, with supporters and dissenters. Remember that MyBnk is impartial and you should be able to present both sides of the argument.
VIDEO- Watch this to get a sense of the debate that is happening around the Minimum Wage being changed to a Living Wage Much of the current debate centres around this idea.
VIDEO- Watch young people debate Minimum Wage in UK Youth Parliament.
REAL LIFE EXAMPLE: SSE is UK's biggest officially- accredited Living Wage employer- guaranteeing all employees at least £7.45 an hour. See a short video here.
IMPORTANT FACTS - Pros & Cons of Lower NMW for Younger Workers
Young people may challenge why they receive a lower minimum wage than adults so make sure you can help them identify both sides of the argument.
IMPORTANT FACTS- The Final Word
Evidence on the effects of the NMW (Source)
- The consensus of the research findings on the impact of the NMW in the UK is that it has not significantly adversely affected employment but that it may have had a small negative effect on hours
- There is some evidence to suggest that young people may have been adversely affected by the minimum wage
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