Fg stand on new minimum wage

The Fairness and Growth (FG) party's stance on the new minimum wage is a crucial aspect of their economic policy. As a party that aims to promote fairness and growth, they have proposed a comprehensive plan to increase the minimum wage to ensure that all workers are fairly compensated for their labor.

Here are some key points from the FG party's stance on the new minimum wage:

  1. Increase the minimum wage: The FG party proposes to increase the minimum wage to $15 per hour, indexed to inflation, to ensure that it keeps pace with the rising cost of living.
  2. Phase-in approach: To mitigate the impact on small businesses and ensure a smooth transition, the FG party suggests a phase-in approach, where the minimum wage is increased by $1 per hour every year for three years, reaching $15 per hour by the end of the third year.
  3. Indexing to inflation: The FG party believes that the minimum wage should be indexed to inflation to ensure that it keeps pace with the rising cost of living. This means that the minimum wage would increase automatically each year to reflect changes in the cost of living.
  4. Regional adjustments: The FG party recognizes that the cost of living varies across regions, and therefore proposes to allow for regional adjustments to the minimum wage. This would enable local economies to set their own minimum wage rates, taking into account their unique circumstances.
  5. Support for small businesses: The FG party acknowledges the concerns of small businesses and proposes to provide support to help them adjust to the increased minimum wage. This could include tax breaks, training programs, and access to low-interest loans.
  6. Encouraging entrepreneurship: The FG party believes that increasing the minimum wage can actually encourage entrepreneurship, as it would provide a stable and predictable income for workers, allowing them to take risks and start their own businesses.
  7. Combining with other policies: The FG party suggests that the minimum wage increase should be combined with other policies, such as increasing the Earned Income Tax Credit (EITC), to provide a comprehensive package of support for low- and moderate-income workers.

Overall, the FG party's stance on the new minimum wage is centered around promoting fairness, growth, and economic stability. By increasing the minimum wage, indexing it to inflation, and providing support for small businesses, the FG party aims to create a more equitable and prosperous economy for all.