Hello, this is the question "There is a "floor" for wages, but not a "ceiling." In other words, there is a lower limit to what an employee can legally be paid, but no upper limit. This has resulted in companies paying wages in the millions (even billions) for some employees, while paying just the legislated minimum for others. Should there be an upper limit, why or why not? What are the advantages and/or disadvantages of each approach? Be sure to explain your position with reference to the broader sub-system of work law." I already wrote all the idea by myself. but this is my first time in University, so I'm don't know how to make it become an essay. So can you help me to put it together.

Yes, imposing a lower pay cap is required since many businesses would otherwise stoop to pay workers below minimum wage due to a large quantity of available workers on the market. It would result in less discretionary money per family, and the poor would be the ones to bear the brunt of the consequences. As a result, a minimum wage rate must be determined by the court in order to encourage ethical work practices and ensure that employees can make a living.

Setting an upper pay ceiling, on the other hand, would simply add to confusion in the workplace. After reaching a specific pay level, employees will not exert as much effort. Employees are more motivated and competitive when there is no maximum salary restriction, which is beneficial not just to the firm but also to the economy. Setting a cap on an upper wage ceiling will demotivate employees and undermine morale. After a period, there will be no professional advancement. As a result, having no top pay ceiling is both ethical and economically sound.

Explanation:

advantages and/or disadvantages of wage floor and ceiling

A price floor is what a minimum salary is. It is the cheapest rate for an hour of labor. Striking employees could always be replaced by workers prepared to work for less money before the minimum wage was implemented. This occasionally resulted in violence as a result of confrontation between management and labor.

To keep housing affordable, the government may impose a maximum rental price. This may result in a decrease in housing supply, resulting in homelessness.

The Benefits of Minimum Wages

Higher wages for workers

Workers will have more money in their pockets at the end of each month if minimum wages are implemented.

This is especially important for persons who have a modest income.

These folks will be able to purchase more food and other necessities if a minimum wage is implemented.

Thus, the establishment of minimum wages might dramatically raise employees' income, particularly in industries where salaries are known to be low.

Higher employee satisfaction

Employee happiness has a favorable relationship with earnings.

This makes sense since if you earn more money, you can afford more and won't have to worry about money or how to pay your expenses as much.

As a result, the implementation of minimum wages may raise employee satisfaction, resulting in improved work performance.

Motivation of workers might increase

In general, if people can make more money from their occupations, their total motivation will likely grow.

Raises are especially crucial for those who work in low-wage occupations, since they typically need every dollar to buy food and provide housing for their families.

People may be more motivated to go to work and connect with the firm if they can afford more as a result of the adoption of minimum wages.

Lower risk for conflicts

Wage and wealth disparities can lead to severe disputes.

People are frequently jealous of others and desire to have the finest life possible.

For example, if you see your neighbor driving a good automobile, you may like to have the same quality of life.

However, if you work in a low-paying job, you will almost certainly never be able to purchase such a vehicle.

You could even have to rely on public transportation if you can't afford a car at all.

You may make enough money to buy a car on minimum pay, and your degree of jealousy will be lower than in the prior circumstance.

As a result, minimum wages, particularly in nations with significant levels of economic inequality, may help to reduce social tensions.

Disadvantages of Minimum Wages

Restrictions for companies

Although minimum salaries have a number of advantages, they also have a number of drawbacks.

One consequence of minimum wages is that it limits the salary levels that businesses may provide.

Companies are no longer allowed to determine salaries based on market forces; instead, they are compelled to pay greater wages, even if the productivity of some workers does not warrant it.

As a result, companies may protest that minimum salaries are unjust in particular industries.

Potential job losses

In several sectors, employees may lose their jobs if minimum wages are not met.

Some tasks just do not provide much value to a company. Companies will likely shrink their workforce in the long term if they are required to pay minimum salaries in those positions.

As a result, minimum wages may not be appropriate for some positions since they do not give sufficient value to businesses.

As a result, avoiding the introduction of minimum wages in certain branches may be a smart decision in order to avert job losses.

Less flexibility in difficult times for firms

Many businesses face severe financial circumstances, particularly during financial crises.

Firms may reduce pay in order to stay afloat during these times.

However, if there are minimum wages in place, this may not be practicable, and many businesses may go bankrupt as a result.

As a result, minimum salaries may cause major issues for businesses in times of financial crisis, and governments should consider providing businesses some leeway in these tough times.

Reference;

29 main pros & cons of the minimum wage. (2020, December 19). E&C. https://environmental-conscience.com/minimum-wage-pros-cons/

1. There is a floor wages, but not a ceiling. In other words, there's a lower likitto what an employee can legally be paid but no upper limit. This has resulted in companies paying wages in the millions for some employees while paying just the legislated minimum for others. Should there be an upper as well as lower limit for wages, or neither and why or why not describe on side or other side also

Creating a maximum wage limit might be of some benefits such as promoting equality in a nation and ensures that wealth is also evenly distributed.

The upper wage limit should not be created because;

1. A person that receives a high salary or wage deserves it. This is because they have worked so hard to produce results that are worth the money which they are paid. This is a source of encouragement to all the people that when they work hard they are able to get paid high salaries. This also motivates people to produce results in their work which are of the best quality besides working hard. Creating a maximum limit will make people to work hard just to attain standard results which will enable them to earn the maximum wage. There will be no extra motivation to work hard to achieve better, above average results which will enable them to earn outstanding salaries.
2. High salaries make people to with high skills and talent to improve themselves to acquire the best abilities in their talents and skills. Therefore, when an upper wage limit is created, people will just improve their skills and talents so as to acquire just the maximum salary. This ends up in people not exploiting themselves and their abilities fully.
3. High salaries are a sign of thanks giving for the great and lovely work a person does demonstrating a high degree of expertise . This encourages people to take risks and also be creative thus coming up with ideas which led to the creation of wonderful items. If a upper wage limit is created, once reached a person does not think on how to make the his idea more creative and better because he has reached the maximum limit therefore there is nothing much that can be done to increase the wage\ salary.