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Nairaland Forum / Nairaland / General / Career / Should Wages Be Left Only At The Discretion Of The Employer? (8367 Views)
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Re: Should Wages Be Left Only At The Discretion Of The Employer? by laplace12(m): 1:44pm On Jul 18, 2021 |
Nobody is forbidden from setting up a business. If you feel underpaid, set up a business and change the narrative. 6 Likes |
Re: Should Wages Be Left Only At The Discretion Of The Employer? by AK481(m): 1:44pm On Jul 18, 2021 |
Officialgarri:Income during the period when the company makes profit or loss ? What if at any point the company makes loss ,should wages be renegotiated downward visavis 3 Likes |
Re: Should Wages Be Left Only At The Discretion Of The Employer? by Karleb(m): 1:50pm On Jul 18, 2021 |
laplace12: This is like saying if you can't pay your employees, close down your business. Employers need to be reasonable in this Nigeria. |
Re: Should Wages Be Left Only At The Discretion Of The Employer? by witworth(m): 1:51pm On Jul 18, 2021 |
If you leave wages at he discretion of the employer, some employer prefer they pay you little or nothing at all. No be this useless country some people dey collect 10 as monthly salary. |
Re: Should Wages Be Left Only At The Discretion Of The Employer? by Karleb(m): 1:52pm On Jul 18, 2021 |
AK481: During the pandemic. Professional players took wage cut. Some were sacked, many weren't payed. Which is quite understandable to some extent. What of when a certain company make excess of their normal profit, should they renegotiate upward? |
Re: Should Wages Be Left Only At The Discretion Of The Employer? by calcal: 1:55pm On Jul 18, 2021 |
Officialgarri: This is a course of its own "LABOUR ECONOMY", 4 years degree course. Who is Adam Smith? capitalism creates wealth.by underpaying the employee. |
Re: Should Wages Be Left Only At The Discretion Of The Employer? by laplace12(m): 1:58pm On Jul 18, 2021 |
Karleb: You will definitely close down if you can't pay employees. There's no option to that. 1 Like |
Re: Should Wages Be Left Only At The Discretion Of The Employer? by Embell: 1:59pm On Jul 18, 2021 |
Free market does not exist in reality(simple economics). You can not leave price of goods and commodities to market forces. Governments have to constantly intervene with right policy instruments. efficiencie: |
Re: Should Wages Be Left Only At The Discretion Of The Employer? by Beedude(m): 2:00pm On Jul 18, 2021 |
Karleb:We have more than one side to every arguement. You are talking from an Employee's point of view. When you become an Employer of Labour, u definitely see things differently. You see what we call BUSINESS , Isn't a child's play and when you are down, no one will recue you .People who can't help you will be ready to buy your company immediately. Most Employees will calculate the company's income without calculating the cost of running the business daily. Let me give you little analysis from the figure u dropped. 150k as school fees and a teacher earns 49k monthly. It means a student fees has been used to settle a teacher for the term. Imagine having 10 staffs. Now the number of students must be above 40 for such school to think of a reasonable profit. U pay for electricity, advertisment, levy, renovations, expansion, loans repayment, examinations etc. If the owner isnt careful, after paying all these bills, he wont be earning up to 120k as monthly salary. (This is someone who build, breath , think and shoulder the risk and responsibility of the business) 8 Likes 2 Shares |
Re: Should Wages Be Left Only At The Discretion Of The Employer? by Mewhizzp(m): 2:05pm On Jul 18, 2021 |
. Please I want to know how to stop Nairaland from sending me Emails Every Single Time I logged in. I mean My Mail box is full with Nairaland Mails. Please Help! P.S I use my Phone's browser to surf Naira land |
Re: Should Wages Be Left Only At The Discretion Of The Employer? by MadeMan01(m): 2:11pm On Jul 18, 2021 |
Yes. In the sense that every company has a wage structure. This structure has to be adhered to irrespective of who is being employed otherwise it creates bad blood in the system. Richer companies that are in a viable sector can pay more than other companies in less viable sector. One has to adjust to the salary scale of employer or leave the job. After all employer cannot steal to pay salary |
Re: Should Wages Be Left Only At The Discretion Of The Employer? by Kay17: 2:12pm On Jul 18, 2021 |
Officialgarri: What if the company makes a loss or consistent losses across many years? |
Re: Should Wages Be Left Only At The Discretion Of The Employer? by 123papas(m): 2:12pm On Jul 18, 2021 |
In a capitalist economy, you can’t regulate salaries |
Re: Should Wages Be Left Only At The Discretion Of The Employer? by wellmax(m): 2:13pm On Jul 18, 2021 |
Officialgarri: Hahahaha i laugh at this your thought line. To be determined by a company's annual income Immediately you do that, companies will begin to under declare their income, who then will be the loser, tax authorities, employees etc It's better the way it is now. 2 Likes |
Re: Should Wages Be Left Only At The Discretion Of The Employer? by Kay17: 2:14pm On Jul 18, 2021 |
efficiencie: A fixed price on Labour in a command economy may adversely affect qualified Labour too as an unintended consequence. |
Re: Should Wages Be Left Only At The Discretion Of The Employer? by xandy84: 2:15pm On Jul 18, 2021 |
All over the world, employee wages is set by forces demand and supply. Even entry level job wages is on the rise now due to shortage of employees. MacDonald now pays $11hr which was unheard of before. Government can only set minimum wages and the rest is control my market forces and negotiation between employer and employee. |
Re: Should Wages Be Left Only At The Discretion Of The Employer? by twosquare(m): 2:15pm On Jul 18, 2021 |
Well-spoken. I used to see people think this way, and I too wonder why some companies take certain decisions, like 20% cut off total sale for a freelancer, for instance. Not until I started my own business. Running a business isn't easy. Payment processor will take their cut, banks, cost of running the business to scale it, buying necessary tools, and upon that, you pay tax...almost left with nothing. That's why 90% of startups fail in their first year. Beedude: |
Re: Should Wages Be Left Only At The Discretion Of The Employer? by Karleb(m): 2:16pm On Jul 18, 2021 |
Beedude: This school I'm taking about, for S S S 3 alone, they have 150 students, these senior students pay at least N300k based on Jamb, WAEC and NECO charges. The school's population is atleast 1,000 for the secondary alone. The owner goes around, building hotels, building other schools and paying N49 at entry level. That's too poor. You people should stop saying the "you'd see things differently when you become employer" line. A lot of employer in Nigeria rip off their employee. 2 Likes |
Re: Should Wages Be Left Only At The Discretion Of The Employer? by efficiencie(m): 2:17pm On Jul 18, 2021 |
Embell: Only approximations of market structures exist. There are hardly any pure forms of market structures but there are economies that lean mostly towards the free market and other that lean mostly to the command economy. That said, it is utterly wrong for you to say you cannot leave the price of commodities to the market forces because so far, in both theory and practice, the market forces are the most efficient means of allocating resources. The government's intervention is only required when markets fail as an equilibrating mechanism, e.g when the aggregate demand isn't changing fast enough to correct imbalances or when common pool problems or externalities are generated...hence it is also wrong in both theory and policy circles to say the government must constantly intervene in the economy. The government is a good regulator but very terrible allocating/coordinating mechanism! For example look at Biden. He gave unemployment benefits that were much higher than what employers could pay to make people return to work. This policy aims at boosting welfare and making employers raise wages but the fools did not realise that not all businesses are like Amazon that can simply raise wages to entice people to return to work. Many of the affected businesses are small businesses and they cannot afford to raise wages. The spillover effect of this dumb policy would be the reduction in aggregate supply, inflationary trends, reallocation of resources from the real to financial sector and the overall decline in welfare. Showing that the purpose of the Biden policy will ultimately be defeated. |
Re: Should Wages Be Left Only At The Discretion Of The Employer? by Nobody: 2:23pm On Jul 18, 2021 |
The employer is the job creator, he takes the risk and you the employee are just replacable tools for production. If the ministry of labour has to set employee salaries Then that means, all employers will form a union to set labour price of which the ministry of labour will have to agree or else they stop employing 1 Like |
Re: Should Wages Be Left Only At The Discretion Of The Employer? by Officialgarri: 2:24pm On Jul 18, 2021 |
wellmax:But there's ministry of Labour for a reason and there exists Auditors for a reason. They study every inflow and outflow of your company's finance over the year. So, under declaring their inflow is only something they can get away with only when they decide to pay bribe |
Re: Should Wages Be Left Only At The Discretion Of The Employer? by Officialgarri: 2:25pm On Jul 18, 2021 |
thebosstrevor1:They stop employing, then they will shut down. If they can run the company without employees, then they won't carry out recruitments in the first instance. |
Re: Should Wages Be Left Only At The Discretion Of The Employer? by Nobody: 2:28pm On Jul 18, 2021 |
Officialgarri: The ministry of labour isn't an auditing firm, even the tax collector collect tax on what the employer shows him. |
Re: Should Wages Be Left Only At The Discretion Of The Employer? by Originalsly: 2:29pm On Jul 18, 2021 |
Officialgarri: In business ... it usually takes at least two years for a company to get a grip on its profit and loss. I hear your proposal .... it's a business one and in business belief doesn't hold ... you must have answers. I am starting a business .... a bakery .. how do I decide how much to pay my 5 employees? .. 1 chief Baker... 4 helpers? Under your proposal ... with no minimum wage guidelines ... I can pay whatever I like since there is no annual income as yet. How different will this be than the present situation where .... with the lack of enforcement of minimum wage and labour laws.... employers pay whatever they like? How would your proposal make it better for employees? If in 2019 ... Company A had an annual income of N100m .... according to your proposal ... will this determine the wages to be paid in 2020?... or it will be retroactive ... wages that should've been paid in 2019? How will this work? The mike is yours ... defend your proposal. |
Re: Should Wages Be Left Only At The Discretion Of The Employer? by Embell: 2:35pm On Jul 18, 2021 |
We are talking about macroeconomics here (I'm glad you rightly mentioned aggregate demand in your comment). You cannot rely on market forces to achieve goals of macroeconomics. Go back to your literatures, free market economy* (without any intervention) does not exist in reality in any economy. It's a way of explaining something economics concepts. Government must constantly intervene through policies. efficiencie: |
Re: Should Wages Be Left Only At The Discretion Of The Employer? by NamelessOGBENI(m): 2:35pm On Jul 18, 2021 |
Officialgarri:Valid points you've made but we have the framework for such to be put in place, if yes, what about the government, are they ready. I guess, we all know the answer.. |
Re: Should Wages Be Left Only At The Discretion Of The Employer? by Nobody: 2:36pm On Jul 18, 2021 |
Officialgarri: If the union of employers shut down employment and production that means employee will go hungry and out of job, then the ministry of labour will have to bring the union of employers to the table and agree to their salary structure of which, it will also be a disadvantage to the employees. |
Re: Should Wages Be Left Only At The Discretion Of The Employer? by Officialgarri: 2:37pm On Jul 18, 2021 |
Originalsly:I believe there's something called "Annual turnover" which shows your yearly profit. Even if this proposal doesn't apply in the first year of a business, it should be applicable in about the second or third year. 1 Like |
Re: Should Wages Be Left Only At The Discretion Of The Employer? by efficiencie(m): 2:41pm On Jul 18, 2021 |
Embell: Your macroeconomics is dead if it has no micro foundations. Any economist worth his salt should know this. Dynamic stochastic general equilibrium models used to make macroeconomic forecasts are macro models that are based on microeconomic assumptions. Are you also conversant with representative agent models? If yes, then you should no that the era of Keynesian models without micro foundations is long gone. Again I say to you that you are wrong to say government must CONSTANLTY intervene in the economy. It is so wrong that even in China, led by a communist party, they know it is wrong. The government only intervenes when it is needed and not CONSTANTLY. I even provided you with instances where government intervention is needed. You should study recent literature to confirm this. |
Re: Should Wages Be Left Only At The Discretion Of The Employer? by Nobody: 2:43pm On Jul 18, 2021 |
Officialgarri: The employees are not the one taking the risk, the bank loans and all other expenses, employers provide the tools for production and employees use them, if the company makes 100 million, why should I pay employees a substantial amount of my profit when I provided everything they needed to make the company successful |
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