NEW YORK (AP) — Small business owners support raising the federal minimum wage because they believe it will help the economy and, in turn, enable small companies to hire more workers.
That's the finding of a survey released Wednesday by the Small Business Majority, a group that advocates on behalf of small businesses. Two-thirds of the 500 owners in the survey supported an increase from the current minimum hourly wage of $7.25, coupled with an annual adjustment for inflation. Eighty-five percent said they pay their employees more than the minimum.
The survey's findings were at odds with the stand against a higher minimum wage taken by small business advocacy groups including the National Federation of Independent Business and the National Small Business Association. Retailers, fast-food restaurants and other small businesses that pay the minimum wage say an increase would cut into their profits. Some say that would prevent them from hiring or expanding.
Nearly two-thirds of the owners in the Small Business Majority survey said a higher minimum wage would benefit small businesses by increasing consumer spending and, in turn, allowing small companies to retain or hire more employees.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
- Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
- Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
