The effects of a minimum wage increase include rising incomes for low-wage workers, which can lead to increased consumer spending and economic growth. However, there may also be inflationary pressures if businesses pass on increased costs to consumers. Studies have shown limited negative impact on employment levels, suggesting that firms often absorb costs through lower profits or improved productivity, rather than job cuts [1][2][6][8]. Moreover, minimum wage increases can reduce wage inequality and contribute positively to worker morale and well-being [1][4][12].

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