Often debated is the impact that a rise in minimum wage will have on business, particuarly small business. With six states passing laws increasing the minimum wage to surpass the federally-mandated $5.15/per hour in Tuesday’s election, it is again a topic of discussion.
For many employees, it means a raise and a possible improvement in their standard of living. However, many employers see it as an additional expense that they may not be able to meet or that will require cutting expenses, health benefits or other employees in order to meet the new guidelines. Consumers may also end up paying the price as well as many businesses pass on the additional expense to their customers.
As always, it sounds good in theory, but working out the specifics can leave many business owners feeling frustrated.
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