Income disparity has remained a key issue in the world, and it affects the economy as well as the society. Over the past several decades income inequality has risen owing to factors like globalization, technological changes and tax reductions for the affluent. This problem can be solved through a combination of measures.
Some of the major issues include social inequality in access to education and job opportunities. The people from the low income earning families cannot afford to enroll for college education or vocational training to increase their income. Thus, governments and organizations should offer good education and grants that can enable the needy groups.
The other factor is the slow wage increase for the bottom and middle income earners. As much as the cost of living continues to increase, the majority of employees are often offered a salary increment or even no increment at all. Measures like increase in minimum wage and respect of labour laws will make it possible that all employees are paid fairly.
Also, progressive taxation can also be very helpful in the fight against income inequality. When the people pay higher taxes for higher income bracket
Finally, the support of small businesses and entrepreneurship to enhance the gross domestic income will ensure that people get employment and enhance the economic development of the regions. To this end, it becomes easier to tackle these issues so as to foster a society where everyone stands an equal chance of succeeding.