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This phrase just popped up into my head a while back: “The minimum wage should be the median wage” I’m not sure if it should be a rule or a goal or be anythin

This phrase just popped up into my head a while back: “The minimum wage should be the median wage” I’m not sure if it should be a rule or a goal or be anything at all, but thought it’s a thought worth putting out there. Edit: thinking in context of country, or province but also in context of company or group.

iamkroot 7y ago
As in, a majority of the people should be earning the minimum wage?
- ronilan 7y ago
  As in Minimum wage should be raised to meet the Median. As a result, the majority of people will have equal wage. In BC, Canada: Minimum wage is: $13.85 CAD Median wage is: $23.98 CAD Minimum is going up to $15.20 in next 18 months. It’s not that far... Edit: ”in developed economies, the minimum wage ranges usually from 35 to 60 per cent of the median wage.“ https://www.ilo.org/global/topics/wages/minimum-wages/setting-adjusting/WCMS_439253/lang--en/index.htm https://www.ilo.org/global/topics/wages/minimum-wages/settin... US is 35. France is 60. BC clocks 57 right now. Will go to about 63 with minimum wage hikes. So, yes, a higher ratio is worth thinking about....
  - paulryanrogers 7y ago
    > As in Minimum wage should be raised to meet the Median. My concern is it could lead to run away inflation unless there were controls to ensure the costs to rebalance things didn't just passed along to those at the bottom anyway.
    - ronilan 7y ago
      Inflation is a concern though the last two decades have shown that the fear may be overrated. In any case, nothing is worse for inflation than UBI and people talk about that seriously... P.S - After reading more into this idea I think that setting high ratio goal of Minimum-to-Median (75%???) might be a direction worth exploring... we have an excellent, proactive provincial government in BC, maybe I’ll go look for the suggestion box...
icelancer 7y ago
How is this mathematically possible?
- deleted 7y ago
  [deleted]
- ronilan 7y ago
  Median !== Average
- tryptophan 7y ago
  Say the min wage is 10$. In a population of 100 people, if 51 made 10$, than the median would be 10$. Obviously that is ridiculous...

iamkroot 7y ago

As in, a majority of the people should be earning the minimum wage?

ronilan 7y ago
As in Minimum wage should be raised to meet the Median. As a result, the majority of people will have equal wage. In BC, Canada: Minimum wage is: $13.85 CAD Median wage is: $23.98 CAD Minimum is going up to $15.20 in next 18 months. It’s not that far... Edit: ”in developed economies, the minimum wage ranges usually from 35 to 60 per cent of the median wage.“ https://www.ilo.org/global/topics/wages/minimum-wages/setting-adjusting/WCMS_439253/lang--en/index.htm https://www.ilo.org/global/topics/wages/minimum-wages/settin... US is 35. France is 60. BC clocks 57 right now. Will go to about 63 with minimum wage hikes. So, yes, a higher ratio is worth thinking about....
- paulryanrogers 7y ago
  > As in Minimum wage should be raised to meet the Median. My concern is it could lead to run away inflation unless there were controls to ensure the costs to rebalance things didn't just passed along to those at the bottom anyway.
  - ronilan 7y ago
    Inflation is a concern though the last two decades have shown that the fear may be overrated. In any case, nothing is worse for inflation than UBI and people talk about that seriously... P.S - After reading more into this idea I think that setting high ratio goal of Minimum-to-Median (75%???) might be a direction worth exploring... we have an excellent, proactive provincial government in BC, maybe I’ll go look for the suggestion box...

icelancer 7y ago

How is this mathematically possible?

deleted 7y ago
[deleted]
ronilan 7y ago
Median !== Average
tryptophan 7y ago
Say the min wage is 10$. In a population of 100 people, if 51 made 10$, than the median would be 10$. Obviously that is ridiculous...