What is the new minimum wage?
The new minimum wage is $8.75.
What are the effects of a raised minimum wage and cancelling of the training wage? Please answer from both an employer and an employees point of view.
From an employer's point of view, the raise of the minimum wage probably took a toll on their hiring processes. They won't be hiring as much new employees because of the higher wage being required to pay the employees. At the same time, they won't have as much money to distribute.
From an employee's point of view, the raise of the minimum wage was definitely a good thing. It will certainly benefit their quality of living and allow them to make purchases of more luxary materials. But that's only from the point of view of people who already had a job that pays lower than 8.75 and now able to earn that much. For the people who are not employeed, it became even harder for them to find a job, therefore the unemployment rate will definitely increase.
