INCOME INEQUALITY
The unequal distribution of income among a population is known as income inequality. Income disparity is higher the less evenly distributed the income is. Wealth inequality, or the unequal distribution of wealth, frequently interacts with income inequality. Populations can be separated in a variety of ways to demonstrate different degrees and manifestations of income inequality, such as inequality in income based on race or gender.
In this day and age, Income inequality and equality has been a debated topic for centuries. Income inequality is an uneven income distributed throughout a population or workspace. Due to this, people seek for equality itself since gender, ethnicity, occupation, and birthplace are now analyzed for income distribution.
It has striked many people that those who get higher income can enjoy a healthy and wealthy life while those who get lower income live the opposite life specially in poverty. For others it is the inequality in opportunity – the opportunity to achieve good outcomes – that is unfair. According to Tony Atkinson “Inequality of outcome among today’s generation is the source of the unfair advantage received by the next generation. If we are concerned about equality of opportunity tomorrow, we need to be concerned about inequality of outcome today.”
INCREASE OF MINIMUM WAGE
Income inequality is a term used to describe how equally or unequally people are paid. Less equal income distribution results in greater income disparity. It's common for income disparity to coexist with wealth inequality, or the unequal distribution of wealth. Populations can be divided in a number of ways to show varying levels and effects of income inequality, including inequality in income based on race or gender. In addition to social and political difficulties, the long-term increase in income gap raises economic ones as well.
Would the increase of minimum wage alleviate the issues on income inequality?
According to our recent survey, 52 out of 60 respondents believes that the increase of minimum wage alleviate the issues on income inequality. The research is consistent with the idea that a higher minimum wage can be a more efficient response to calls for greater redistribution. A higher minimum wage will reduce inequality because the gap between median and average salaries will shrink. An increase in the minimum wage would allow some families to earn more than the federal poverty level, reducing the number of people living in poverty by raising the income of low-wage employees who are employed.
GENDER WAGE-GAP
The common argument for income inequality is that men get more payment compared to women. Do you think it's true?
Income disparity refers to how unequally a group of people's earnings are allocated. Income is the total amount of money derived from all sources, including employment (wages, bonuses, etc.), investments (such as interest from savings accounts and profits from stock shares), savings, public assistance, pensions (state, private, and corporate), and rent.
Working women earn less money than working males do. The "gender pay gap" is explained, diagnosed, and investigated in a sizable body of research, but because pay discrepancies are political concerns, ideological agendas frequently enter conversations and make the literature challenging to interpret for general readers.
GENDER WAGE-GAP
The common argument for income inequality is that men get more payment compared to women. Do you think it's true? According to our recent survey, 33 out of 60 respondents believe that men get more payment compared to women In the past, many women in their reproductive years took a temporary break from the workforce. Women frequently lack the same continuity of work experience as their male counterparts, which results in lower wages, despite the fact that there have been significant changes in this pattern over the past few decades.
The minimum wage should be increased, open pay practices should be encouraged, workplace unionization should be increased, and workers should have access to generous paid family and medical leave. Achieving equal compensation for equal work might be greatly improved by implementing these improvements at the individual, corporate, state, and federal levels.
COST OF LIVING CRISIS
Income inequality, in simple terms, is the unbalanced distribution of salary or pay throughout a population. Conforming to the the previous survey we conducted, the results was in balance between "yes" and "no" in the professional category while 82% of the respondents in the non-professional category agreed to the claim. The current ascension of inflation in our country threw off multiple businesses, opportunities, and more. The root of poverty is the absence of income; that itself restrains the chance of people to live a comfortable life.
Do you think that income inequality is preventing people to attain the cost of living with the on going inflation?
COST OF LIVING CRISIS
Do you think that income inequality is preventing people to attain the cost of living with the on going inflation?
Acquiring the bare minimum for living these days is strenuous due to the current prices of goods and services that used to be affordable especially for minimum wage earners or people that are not rich, hence, income inequality deals the same damage to the workers' economic security, general health and ability.
If you think about it, factors contributing to the ascension of income inequality should be abolished and replaced with enhanced solutions that were also stated. In that way, we become progressive and if we sustain that mechanism, we will be a few steps forward in solving or at least minimizing the inequality in the distribution of salary.
INFOGRAPHIC & CONCLUSION
Through the survey we conducted, it was concluded that the respondents in both categories agreed that the income inequality issues will be reduced by the expansion of minimum wage. Moreover, the respondents in the non-professional category agreed that the typical debate about women getting paid less than men while the professional category does not. What's more, people who have trouble meeting ends and/or living a comfortable life during inflation are especially impeded or made difficult by income inequality induced a majority to agree. It is as if the list of factors contributing to the rise of income inequality is innumerable.
We believe that the offered solutions— amelioration of educational accessibility and its quality, enhancing social protection mechanisms, and addressing inequality will be fruitful if sustained. It is distressing to see or even think about how we faced such conflicts aggravated by the COVID-19 pandemic that many of us are still struggling to "return to normal" due to financial losses, emotional impact, and all the years it took to actually return to normal which is why we need people in political positions who knows what they are doing and those who actually care for the wellbeing of our country and the people in it.