Will paying low-wage workers more solve the problem of income inequality?
It will not solve inequality but it will ensure that everyone who is willing to work will not be exploited and can afford a decent living wage.
It's silly to fight for equality.
Ever since there has been life on earth, nothing and no human race has been able to create equality for everyone.
Use that money, time and energy to help the needy physically.
Paying low-wage workers more alone will not reduce income inequality as higher-income workers may get even higher increases.
To reduce income inequality, we have to reduce or freeze the salaries of high-income workers and raise the salaries of the low-income.
Ang Yee Gary
Please do not mix the two issues here.
Minimum wage is to ensure that workers make a decent living. Income disparity needs to be resolved through other means such as taxing corporations and high-earners.
Desmond Ding Nai Rong
It will have the same effect as printing more money, resulting in inflation.
Assume we pay low-wage workers $2,500 minimum. Those currently making $2,500 will say that even a blue-collar worker makes $2,500, so they should be paid $4,000, and everyone higher up the chain will demand more.
The cost of business will skyrocket, resulting in inflation of prices, and we will be back to square one. Those who are retired or unable to work will find this inflated gap even wider.
Many European countries have seemingly high salaries, but they also have correspondingly higher costs and taxes - resulting in no gain.
Paying them too little will kill their loyalty.