The Minimum wage will need to end
Over the next few weeks and months, we will see staff sent home.
We are already seeing firms ask staff to take unpaid holidays.
For many businesses, the only way they will cope, is to employ people on a much lower wage than the Minimum wage. This may be topped up by the government, such as in the UK with tax credit.
Although this will mean for many employees, a reduction in wage, it will be this option, or face unemployment.
Until the economy recovers, entertainment places will stay rather empty, with few customers, even when the Coronavirus has long past.
With high unemployment, even those employed will simply not spend, in case they themselves become unemployed.
We are already seeing the effects of the Minimum wage, in the fact people are being sent home, unpaid, rather than be employed, but on a much lower wage. With a freeze on Mortgage Payments that most UK banks seem to have implemented, living on a reduced wage may for some be sustainable. For worst would be to have no job, and find Mortgage Payments impossible to pay, even in two years time.