Minimum wage hikes have had little long-lasting effect on business
Minimum wage hikes might be tough for some local businesses, but a recent state study of the impacts of the 2014 minimum wage increase shows few effects on the labor market.
Arguments against wage increases typically include rising business costs which could lead to higher prices, layoffs or even some businesses shuttering their doors, which could be bad news for customers, who’d hate to see plate lunch prices rise or their favorite noodle stand disappear.
But many of the companies that voiced opposition to the last wave of minimum wage increases in 2014 are still afloat.
A January report from the state Department of Business, Economic Development and Tourism found that minimum wage increases have had little to no impact on the labor market.
