The Business Journals: Majority of business leaders back minimum wage hike

By Andy Medici
The Business Journals, Mar 6, 2023

A majority of business leaders and executives support annual increases in the federal minimum wage, according to a new survey by compensation data and services firm PayScale Inc.

The survey of compensation professionals, human resources leaders and business executives found 75% of U.S. respondents agreed the federal minimum wage should be increased. About 66% said the minimum wage, which currently stands at $7.25 per hour, should go up automatically every year to keep up pace with the cost of living. ...

The federal minimum wage, however, has remained unchanged since 2009 at $7.25 per hour. But states across the country have moved ahead on their own higher wages. More than 20 states raised their minimum wages to ring in the new year, while four more states have increases scheduled later in 2023, according to an analysis by Business for a Fair Minimum Wage, an advocacy group that supports raising the federal minimum wage from $7.25 to $15 an hour by 2025. ...

Several states have also called for increasing the minimum age or accelerating existing minimum wage hikes that are already on the books. Lawmakers in Maryland are considering raising the state’s minimum wage to $15 per hour — ahead of the 2025 deadline called for in previous legislation. ...

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