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While a hotly contested $15 federal hourly wage did not wind up in a stimulus package last year, more than 20 states boosted their minimum wages in 2022. An additional four states, plus the nation's capital, will see minimum wage raises later in the year. Now, a coalition of business owners wants to see the movement continue. Minimum wage hikes lead to increased consumer spending and better employee retention, productivity, and customer service, therefore strengthening the country's economic recovery, argues Holly Sklar, CEO of Business for a Fair Minimum Wage, a network of employers that favor a federal minimum wage increase.
While some economists remain concerned over potential job losses and reductions in overall hiring due to higher payroll costs, there’s no doubt that paying employees a little more is one of strongest incentives to get them to stay. Read more for why some businesses welcome the wage increases and what labor experts have to say on the topic. |
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