Separately, in her confirmation hearing, Treasury Secretary nominee Janet Yellen threw her support behind the increase, telling senators that the move from $7.25 to $15 would have a “very minimal” effect on jobs. I might even have to think twice about having extra summer help or part-time workers.”Īccording to a 2019 report by the nonpartisan Congressional Budget Office, the minimum wage increase could end up bolstering the incomes of 17 million Americans, but between 1.3 and 3.7 million workers could become unemployed by 2025. He added, “ immediately hurts small businesses because they have less flexibility in absorbing costs - especially right now. “And it’s coming at a time when everything is incredibly difficult it’s so ill timed.” “A lot of people are going to expect a raise in conjunction with something like this,” Chiappetta said. ![]() The same goes for Tony Chiappetta, who runs Chiappetta Shoes in Kenosha, Wis.: The family-owned retailer has been around for 100 years and currently employs about 16 people - all of whom make $15 or more an hour, save for one employee who is working under an internship program. workforce - in October as part of the rollout of a new operating model in its Supercenter stores.) (The big-box company improved wages for about 165,000 hourly workers - or roughly 11% of its U.S. ![]() Amazon, Target and Costco are among the boldface chains that have already raised their lowest wage to $15 per hour, while Walmart’s starting pay is $11 per hour. Little FishĬurrently, a number of major retailers across the country are already paying their workers a higher wage than the federal level. That means almost all companies in the nation (99.9 percent) qualify as a small business. ![]() Youths under 20 years of age may be paid a minimum wage of not less than 4.25 per hour during the first 90 consecutive calendar days of employment with an employer. According to the SBA, any company that has fewer than 500 employees is a small business, while anything above that is a large business. The Act requires employers of covered employees who are not otherwise exempt to pay these employees a minimum wage of not less than 7.25 per hour. For most companies, the largest expense is labor costs - of which payroll is often the greatest component - and can account for as high as 70% of total overhead. Small Business Administration (SBA) has a clear line that separates small businesses from big businesses. What’s more, say those against a wage hike, the move could disproportionately hurt smaller and independent businesses: While large corporations might be able to dip into the coffers to provide for their network of tens of thousands of workers, many small business owners are unsure they can afford the higher minimum wage requirement.
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