Impact of Minimum Wage Increase on Job Market

Britain's recent increase in minimum wage has significant implications for the job market, where starting salaries for various roles now align closely with the minimum wage level. This alignment raises concerns about wage compression, where the income gap between skilled and unskilled labor is narrowing. As a result, even professions that require years of training, such as junior doctors, are finding their salaries closely mirroring those of less specialized jobs, like baristas. Such a situation challenges the perceived value of skilled labor and raises questions about fairness versus equality in compensation.