There are increased calls in the United States to raise the minimum wage rate in cities around the country, and at the national level. This report presents the results of a survey of senior financial professionals regarding the impact of raising the minimum wage on their companies and on the economy in general.
This Report Examines:
- Companies' views regarding the impact of raising the minimum wage on the economy, on the availability of entry-level jobs, and on the ability of workers to obtain entry-level skills;
- What companies pay minimum wage to their employees and the impact on profitability from raising the minimum wage;
- The impact on employment, prices and services from an increase in the minimum wage; and
- A discussion of the impact of raising the minimum wage on the food service industry.
The senior finance and accounting professionals surveyed:
- Generally agreed that there is a need to raise the minimum wage to the point where workers can afford their basic needs; but
- Generally believe that raising the minimum wage rate would deprive less-skilled workers of entry-level opportunities and negatively impact the U.S. economy.
While many companies indicated that raising the minimum wage would not affect their profitability, the impact on many firms with a large percentage of minimum wage earners would be very significant.