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Minimum wages and living wages

It is legal rights of the employees to get minimum wages from the organization where they are working. government of the UK have decided minimum wages for the employees so they can earn for their living and spend some money for their basic needs like food, clothes, education of the children and their own expenses. This is all the basic needs of the laborers who are working hard to earn money for their living (Bell and Machin., 2018). This is important for organization as well to take this low seriously and provide employees minimum wages for their living. For every organization, employees play important role in earning objective and goals of their business. Every successful organization have strong labor force and workers in their workplace who are responsible for their success, so it is important for the organization to look for their employees so they can earn enough to fulfill their basic needs. Which is important for the living.

The purpose of minimum wages is to protect workers against unduly low pay. They help ensure a just and equitable share of the fruits of progress to all and a minimum living wage to all who are employed and in need of such protection (Brown., 2017) Minimum wages can also be one element of a policy to overcome poverty and reduce inequality, including those between men and women, by promoting the right to equal remuneration for work of equal value

Minimum wages are an amount which is set by the government and every organization and legal entity has to pay minimum wages to their employees according to the amount set by the government. Living wages mainly determine to the minimum cost to live. The amount needed to give a living wages depend on what is included in the calculation. This living wages amount is set by the government Low markers for the minimum wages must take into account the needs of the business as well as employees of the company.

Applying minimum wages and living wages

TASCO is one of the most famous retailers in the UK, with 6800 shops all around the world. They have supermarkets, hypermarkets, superstores, and convenience shops in different countries, and more than 45,000 employees are working for this company. It is important for the company to understand their employees requirements, follow the legal rules, and provide them with minimum wages and living wages so they can fulfill their basic needs (Costa and Machin., 2017). TESCO has a large number of employees who are working in their stores, and they are the reason behind their success. There are some stores of this company where employees are getting fewer salaries, and they are not able to afford their basic needs for living. Leaders of the company should take this issue seriously, and they should provide those employees enough salaries for their living. Employees are one of the most important parts of the company, and they are responsible for running TESCO's operations and tasks. They have power to make any organization successful if they are motivated and they are getting enough salary to fulfill their basic needs. If company will not take this issue seriously, then their workers will be demotivated, they will not give their best for company, and they will be unable to achieve objectives and goals of the TSCO company. This can effect the companies probability, and they can also lose their reputation in the market. TECO company have good reputation and imagine the market. This was because of their powerful labor force and efficiency of the workers. If they will not care about the employees and they will not give them their right of minimum salaries and living wages, then it will effect their employees physically, and employees will not give their best for the company (Grimshaw., 2016). This will effect the reputation of the TESCO company. It takes too much time to make reputation in the market but single mistakes can lead them to lose their respect in the market and other companies will overtake TASCO. This will be impossible for them to make reputation again in the market, so leaders and managers of the company should understand this issue and provide this legal rights to their employees. Employees can earn enough to fulfill their basic needs by working for the TESCO company.

Cost and benefits for the TESCO

The national minimum wages in the UK is currently 6.50 and the living wage's foundation in the United Kingdom set the living wages to 7.85 across the UK for London , where it is 9.15. More than the 6 million people in all around the UK is learning fewer wages for their living. The living wages are the base bonus calculation for the employees who look at what the 4 family need to earn and meet their needs To live better and properly. Living wages also include rent of the rooms, health care, food, and groceries for the adult in the family (Laín and Torrens., 2019). There are some benefits from this legal rules for the company and employees both. If company give rights to the employees for their minimum wages and living wages, then it can effect their profitability, and they can increase their business more, and they can make good reputation in the market.

If TESCO company provide this legal rights to their employees, then it will motivate them, and they can fulfill their basic needs and requirements, which is important for their living. Employees of the company will give respect to the superiors of the company, and they will help company achieve the objectives and goals of their business. This will also affect their work efficiency because this legal rights will increase employees morale, they will understand importance of the task, they will do their task more effectively and it will increase their performance as well. It will also effect the company probability, and they can earn more repeat among this industry and expand their business more (Laín and Torrens., 2019). Employees get into the organization and it is important for them to take proper meal after working in the company and if TECO will give them minimum wages according to their work, then they can afford proper food for them and next day they can work freshly and with new energy.

Legal regulation theory for Minimum wages and living wages

According to the author (Padley and Hirsch., 2017), A minimum wage are the lowest legal wages organization can pay to their employees . The UK's current national minimum wages is 7.25 dollar per hour and most of the cities have their own minimum wages. Employees of the company receive whichever is highest, so they can earn enough to spend money on their basic living needs. The main purpose of this low is to stop employees from exploiting desperate workers. Minimum wages for the employees provide proper and enough income so they can afford a living wages and fulfill their basic needs. Minimum wages lows were introduced in New Zealand and Australia first, which was attempt to raise the income of the unskilled employees Now the most developed modern economy and underdeveloped economies, expectation included Norway, Singapore, Sweden, etc. Recently, the federal minimum wages in the UK is $7.25 per hour (Parker et al., 2016). It means that this is illegal for the employees who are working in the company to sell their labor for less than 7.25 per hours unless the employees of the company falls into the categories specifically exemption from a fair labor standards act. The UK government assess a Federal minimum wages level to changes into the cost of living or inflation. Employees federal minimum wages has not increased since July 2009. The Fair minimum wages act of 2007 ordered that minimum wage be raised from 5.15 in the 3rd increment, rising to 5.85 to 6.55 and now finally 7.25. Even though the United States enforces a federal minimum wage, individual states, cities, and localities may pass different minimum wage requirements, provided the stipulated hourly wage is not lower than the federal minimum wage (Prowse and Fells., 2016). An employer who is subject to the federal and state minimum wage requirement must pay the higher of the two. States will usually set a minimum wage that is reflective of the cost of living in the region. For example, the state of Massachusetts has a minimum wage of $12 per hour, while Montana has a minimum wage rate of $8.50. In 2019, this wage rate increases a federal rate in 29 of the 50 states.

Recommendation

Minimum wages are legal rights of the employees, so they can earn living wages and fulfill their requirement (Prowse and Fells., 2016). TESCO company should provide legal rights of the minimum wages to employees who are working in the company, making them one of the best retail store in the world. This will motivate their employees to work more for the company and company can get better result from their employees (Wills., 2016). Employees will be loyal, and they will understand importance of the company, and they will give their best to make company proud.

CONCLUSION

As per the above report, it has analyzed the importance of minimum wages and living wages for labor. Online assignment help services can ensure clarity and precision in such analysis. It has been explained how this act works and how it can affect the employees of TESCO. This report has concluded the impact of this law on TESCO and provided an analysis of the costs and benefits arising from it. The report has also included a theoretical discussion on minimum wages and living wages and, in the end, provided recommendations for the company.

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