Minimum wage is like strong medicine, not a free lunch

You can have too much of a good thing. Somebody should mention this to Mr Sajid Javid, Britain's new Chancellor of the Exchequer. Last week, he announced an increase in the minimum wage to two-thirds of the median wage, bringing it to around £10.50 (S$17.70) an hour.

His plans are to come to fruition in 2024, assuming there are no unforeseen events in British politics in the interim.

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A version of this article appeared in the print edition of The Straits Times on October 10, 2019, with the headline 'Minimum wage is like strong medicine, not a free lunch'. Print Edition | Subscribe