In many countries, a small number of people earn extremely high salaries. Some people believe that this is good for the country, but others think that governments should not allow salaries above a certain level. Discuss both these views and give your own opinion.

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In various nations, a limited number of individuals have been earning extremely high wages. While several humans see
this
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trend to be beneficial for a country others opine that the governing bodies should limit the salaries to a certain stage. In my opinion, there should not be any barrier placed in the earning opportunities of the citizens as that can
also
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impact the overall growth of the
economy
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. In
this
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essay, we will discuss both the sides of the argument to understand it better. On one hand, the ambition to obtain a high-income job can
firstly
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work as a great motivator for the working population.
Moreover
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, it can persuade an individual to perform better in his job to reach that a senior level.
For example
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, salary increment is one of the significant factors that encourage an employee to perform well in its job.
Secondly
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, since high-salaried people have more spending power,
for example
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, they can buy expensive commodities. They can
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,
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therefore
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, indirectly support the
economy
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as well.
On the other hand
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, if we restrict the salary bars to a certain level, the working capacity of the humans will
also
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restrict itself to a certain limit.
For instance
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, if an individual knows that no matter how hardworking he is, his salary will remain the same, that person will never put any extra-efforts to increase the profitability of the work and thereby limiting the growth opportunities of the firm as well as of the
economy
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.
Furthermore
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, since the disposable income of the population in
this
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scenario will be more or less similar, the
economy
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will face a major slowdown in the income received from the leisure sectors. To conclude, in my opinion placing limitations in the financial-growth opportunities of the citizens can not only adversely impact the businesses but to the overall
economy
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of a country.
Submitted by abhi on

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Topic Vocabulary:
  • incentivize
  • discrepancy
  • inequality
  • social cohesion
  • equitable distribution
  • wealth concentration
  • talent retention
  • global competitiveness
  • social unrest
  • innovate
  • government intervention
  • salary cap
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