“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.
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/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....
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.
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...