The minimum wage should be set to the same value as the living wage[^living-wage], and should be automatically adjusted in line with that figure.
[^living-wage]: As of May 2017: £15,970.50 (£8.45 per hour) outside London, £18,427.50 (£9.75 per hour) in London. Based on 252 working days of 7.5 hours each.
The minimum wage should be replaced with Three Pillars of Income Support as advocated by the New Physiocratic League. By underwriting employment costs and guaranteeing income growth in all wage brackets, unemployment can be eliminated while simultaenously eliminating poverty.
@pallan51 I'm not sure from that link what the Three Pillars actually are. Can you elaborate?
National Dividend (ND) - a payment to all citizen-residents, paid for by a tax on the commons
National Income Supplement (NIS) - distributing all income taxes back to income earners, which would allow all income brackets to benefit from each others' success, and amplify their earnings (and underwrite labour costs)
Assisted Savings Program (ASP) - mandatory long-term savings/investment, and distributing all capital gains taxes to ASP accounts, ensuring savers benefit from each others' success, and amplify their savings.
Returning tax revenues to citizens through these programs is enabled by a shift to a form of Land Value Tax (called a ULT) for general revenues and could be an alternative model for a minimum wage and bankrupt paygo pension systems.
@openpolitics-bot - over 4 years ago
Closed automatically: maximum age exceeded. Please feel free to resubmit this as a new proposal, but remember you will need to base any new proposal on the current policy text.
The OpenPolitics Manifesto
@pallan51 - over 4 years ago