ECONOMICS
INCOME DISTRIBUTION
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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National Living Wage, rising minimum wage; Improved employment rights, affordable child care, tackling monopsony employers
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Strengthening wage floors and employment rights in the labour market
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Progressive income, consumption and wealth taxes
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Redistributive welfare transfers
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Tackling structural barriers to employment
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Explanation:
Detailed explanation-1: -The UK Living Wage is £9.90 an hour, and the London Living Wage is £11.05 an hour for 2022/23. The Living Wage is based on the cost of living.
Detailed explanation-2: -Most media report that the average Indian salary for unskilled work ranges between INR 2250 to a maximum of INR 70, 000 per month, under the Minimum Wages Act. However, the median salary in India comes at around just INR 29, 400 (approx.US$377.82).
Detailed explanation-3: -Key Takeaways. In a competitive labor market, an increase in the minimum wage reduces employment and increases unemployment. A minimum wage could increase employment in a monopsony labor market at the same time it increases wages.
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