It's a bad idea. The minim wage needs to have relatively small increments, and those increments have to stop at some point.
Higher wages increase purchasing power, but they also increase operating costs.
The increment is not equal across all sectors it depends on the labour / capital ratio of each firm.
The lower the wage participation the lower the impact. Also firms that have mostly high wages will not be affected.
Before rising the minimum wage it is important to know
How many people will benefit
Which sectors of the economy will be most affected
Which sectors of the economy will get the benefit when the purchasing power of those workers increases.
Higher wages increase purchasing power, but they also increase operating costs.
The increment is not equal across all sectors it depends on the labour / capital ratio of each firm.
The lower the wage participation the lower the impact. Also firms that have mostly high wages will not be affected.
Before rising the minimum wage it is important to know
How many people will benefit
Which sectors of the economy will be most affected
Which sectors of the economy will get the benefit when the purchasing power of those workers increases.