Massachusetts is leading an increasingly flammable argument over whether minimum wage will help workers or hurt businesses more.
Occupy company payroll
New York, New Jersey and Illinois are among the states where business owners are raising their hackles in regard to proposed legislation that would increase minimum wage over the next couple of years, according to The New York Times. The increase will lead to higher expenses, and with some owners already concerned about managing business loans and economic outlooks, said The Wall Street Journal, it's possible they won't be able to absorb that kind of impact.
If your business is already seeking a small business loan to assist with daily operations costs or rising expenses, an online marketplace like Boefly will assist in easing your application process and getting your business on the road to financial stability.
A national authority
The National Federation of Independent Business (NFIB) has released an official statement, available on its website, lambasting states seeking or currently maintaining minimum wage hikes above and beyond the federal requirement. While the national minimum is $7.25 an hour, Connecticut, New York and other neighboring states are seeking a rate of at least $10, a figure that the NFIB contends will cause a spike in unemployment payments and certain taxes. The NFIB also points out that raising employer costs will stunt job growth.
Erica Phillips told the New York Post if her New York City-based business had to increase wages, she'd have to lay off one-third of her employees. Charles Cestaro of the Bronx said in the same article that he'd be forced to raise prices at his cleaning company, something he hasn't had to do in 15 years – he's been suffering ever decreasing profit margins, but this wage hike would be the last straw, he said.