Study: 38% of Minimum-Wage Employers Will Fire Workers If Minimum Wage Reaches $10.10
20th March 2014
My, what a surprise! Aren’t you surprised? I’m sure surprised.
A new survey reports that if Congress raises the current minimum wage from $7.25 to $10.10, there will be catastrophic effects. Among private employers paying the minimum wage, 38% will fire workers, 54% will reduce the number of employees they hire, and 65% will raise the prices on the goods and services they provide.
The survey, conducted by Express Employment Professionals, also revealed that among employers including those who pay minimum wage and those who pay more, if the minimum wage is raised, 19% would fire workers, 39% would cut their hiring, and 51% would raise their prices.
The Congressional Budget Office said last month that even raising the country’s minimum wage gradually to $10.10 by 2016 would see employment numbers plummet by 500,000 workers by the second half of 2016. Other estimates say that there is a 70% chance that the number of 500,000 could zoom close to one million.