Do you think a high minimum wage would help your small business?

iBaba

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Quote from: Cryptomultiplier on October 28, 2024, 03:22:58 AM

It's a simple question I want to get clarification in.
*Do you think that the minimum wage currently implemented by the government would help your small business in any way?

Well, the implementation of this new minimum wage has seen different ways or patterns in which they are implemented by the state governments. The whole new minimum wage is just a way if calming peoples nerves amidst the rising inflation in the country which seems to be uncontrolled by the government as an adverse effect to the fuel subsidy removal and the implementation of the floating of the domestic currency, Naira. That has gone to affect the economy of the country across board sine qua non the day-to-day business of the people.

The small and medium scale businesses are a respecter of the economic crisis currently bedeviling the nation, meaning the small businesses have also been strongly affected by the economy. The increase in the minimum wage was meant to bring a short term succor to the crisis yet it is clear that it only gives people that feeling but in reality, it does not stop the small businesses from suffering because other factors such as the electricity among other things have also crumble the lifespan of busineses.

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Increasing of salaries will help alot of business since the salaries no longer meets up the basics need of some individual they now go for their needs first imagine someone who has a fast food joint won't sell much and is because one have to satisfy his or her need by buying alot of food stuff first before going out to have fun or buying food out which is more expensive and this period of time everyone wants to cut their coats according to their size so I think increasing of salaries will make an impact on alot of business and one thing am also scared of when salaries increases price of things should not also increase that is my greatest fear please we should not make life difficult for ourselves

Kelward

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Quote from: Cryptomultiplier on October 28, 2024, 03:22:58 AM

It's a simple question I want to get clarification in.
*Do you think that the minimum wage currently implemented by the government would help your small business in any way?

For inside Nigeria, wey inflation de, di increase of minimum wage no go get any positive impact for business people and those wey receive di salary increase. If di prices of goods and services de increase everyday for di country, even if dem increase salary e no go fit to purchase more goods because di increased salary no fit to add value for di workers. One of di effects of increased minimum wage be say plenty money go de pursue goods wey de for market and di effect na increase in price. A seller wey take plenty profits to sale im products go also take plenty money to buy goods from other people so in di end increased minimum wage no de favorable both to who receive am and who de sale market for economy wey inflation de. If we get a stable economy na dat time minimum wage increase go benefit who collect am and business people go de sale more with normal profits.

promise444c5

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Apart from government, some traders are also part Nigeria problem let's just say individual...increase in minimum wage will lead to circulation of money which might increase the purchase of goods and services but at the same time I've never seen price of goods and services come down whenever it rises even after there's increase in value of naira...these means we are also implicating to our problems apart from government (but this is not the sole purpose of this thread, I wouldn't like to go offtopic)
Increase in minimum wage having effect on small business will only be determined by the type of business but it can positively affect traders( most especially retailers as they are close to being a small business)

Asiska02

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Quote from: Cryptomultiplier on October 28, 2024, 03:22:58 AM

It's a simple question I want to get clarification in.
*Do you think that the minimum wage currently implemented by the government would help your small business in any way?

When there is increase in salary of the citizens, it tends to be some kind on increase in the same proportion as the salary in goods and services. I have been noticing this for long, an increase in salary does not equate to have a more softer life and high expectancy of cheaper things than before. An increase in salary is just to level up to some certain extent that the lower minimum bear level of a citizen is meant, in common sense, for poverty reduction but not alleviation of it in general. When a citizen can afford a three square meals with their family as a result of the increase in minimum wage, it has only solved one part of their problem and make them live a better life that before when they can’t afford it. Your small business will make you earn more as a result of the increase in minimum wage but it may not make you see those benefits as a result of the economy moving in succession with what the current minimum wage is.

uche6215

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Quote from: Cryptomultiplier on October 28, 2024, 03:22:58 AM

It's a simple question I want to get clarification in.
*Do you think that the minimum wage currently implemented by the government would help your small business in any way?

Minimum wage will not have any effect of business instead I see prices of goods and services increasing the fact is that government lack ideas in solving our economic problem with the kind of inflation rate that we have increasing the salary of workers has little or no effect in the market the only solution is to deal with the problem of inflation by increasing local production so that the imported goods will be reduced until we produce and meet our local demands the problem of inflation will continue to be a problem to us as a country

Egii Nna

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Quote from: Cryptomultiplier on October 28, 2024, 03:22:58 AM

It's a simple question I want to get clarification in.
*Do you think that the minimum wage currently implemented by the government would help your small business in any way?

One thing that I like about my Nigerian civil servant is that they are not saving any money in their salary; they mostly focus on doing the necessary things that they will need, and the money is not always enough for them. So definitely this increase in the minimum wage will go a long way to torch everyone, no matter how small your business is. Know well that circulation of money mostly depends on business people and civil servants, but that will depend on the part that you are in Nigeria, because in this same Nigeria there are some places where business is never moving unless the civil servant has been paid their salary, so you see in this situation everyone will benefit from it.

Spaceman1000$

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Quote from: Cryptomultiplier on October 28, 2024, 03:22:58 AM

It's a simple question I want to get clarification in.
*Do you think that the minimum wage currently implemented by the government would help your small business in any way?

I don't understand the help your asking about, the minimum wage is not being paid to business owners, the minimum wage is paid to civil servants and public workers who earn monthly salary, this does not directly have an impact on small businesses but it will help those of them that are earning via the minimum wage to have enough purchasing power so they can buy goods and services from businesses that are selling, so yes in one way it can help businesses but not in wholesome.

Callido

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Quote from: Hewlet on October 28, 2024, 09:18:40 AM

Quote from: Cryptomultiplier on October 28, 2024, 03:22:58 AM

It's a simple question I want to get clarification in.
*Do you think that the minimum wage currently implemented by the government would help your small business in any way?

once government increases people salary, wetin you think say go be the direct implication of that development? People go basically get the ability to buying more goods and that way, e go affect sales on a positive note. The society de networked together in such a way that any negative development in a sector affects businesses directly. If your business is in an environment where the majority of people residing there are government workers, post salary week na him you go get your highest sales and if there's anything that affect workers negatively, you self go follow suffer am.

Now, the 70k minimum wage make serious impact for the livelihood of the common man? I don't think so. If like say them increase the salary of other workers to something tangeable and just give this 70k to entry level workers, then e for really show well for businesses but if na just this increment of minimum wage in an economy that's battling with inflation, nothing come out for this one for real.

Do you mean, there is no good following the increment in the minimum wage, it should be taken back to what it was then you just have to feel comfortable earning 30k that can not be able supply proper needs. If you do not want the activation, then for the sake of the coppers, i believe it will go a long way for them.

Since the minimum wage is applicable to both sectors, private and government workers, there will be enough funds in circulation which will help in personal consumption and also will help those into business due to how much people will then spend on purchasing items from them. If we can't totally fight the inflation, we can just patch our ways through it.

Hewlet

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Quote from: Cryptomultiplier on October 28, 2024, 03:22:58 AM

It's a simple question I want to get clarification in.
*Do you think that the minimum wage currently implemented by the government would help your small business in any way?

once government increases people salary, wetin you think say go be the direct implication of that development? People go basically get the ability to buying more goods and that way, e go affect sales on a positive note. The society de networked together in such a way that any negative development in a sector affects businesses directly. If your business is in an environment where the majority of people residing there are government workers, post salary week na him you go get your highest sales and if there's anything that affect workers negatively, you self go follow suffer am.

Now, the 70k minimum wage make serious impact for the livelihood of the common man? I don't think so. If like say them increase the salary of other workers to something tangeable and just give this 70k to entry level workers, then e for really show well for businesses but if na just this increment of minimum wage in an economy that's battling with inflation, nothing come out for this one for real.

Cryptomultiplier

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It's a simple question I want to get clarification in.
*Do you think that the minimum wage currently implemented by the government would help your small business in any way?

Topic: Do you think a high minimum wage would help your small business? (Read 115 times)