The Chamber of Commerce may be against raising the federal minimum wage, but let’s not forget the Chamber doesn’t represent all businesses. In fact, some 67% of small business owners support not only raising the federal minimum wage, but indexing it to inflation so it won’t lose its value over the years. Raising the minimum wage is good for business, and small business owners know it.
Now the group Business for a Fair Minimum Wage wants to get that message across. It is urging businesses, executives and business owners to sign on to a petition to support raising the federal minimum wage to $10.10 an hour over three years and indexing it.
Click here for the petition.
The group says raising the minimum wage makes good business sense.
Workers are also customers. Minimum wage increases boost sales at local businesses as workers buy needed goods and services they could not afford before. And nothing drives job creation more than consumer demand. Businesses also see cost savings from lower employee turnover and benefit from increased productivity, product quality and customer satisfaction. Increasing the minimum wage will also reduce the strain on our social safety net caused by inadequate wages.
Some of the signers so far include Jim Sinegal, the former CEO of Costco; Margot Dorfman, the U.S. Women's Chamber of Commerce CEO; Paulette Cole, CEO of ABC Home; and Arnold Hiatt, former CEO of Stride Rite.
Don’t forget that after the Thanksgiving holiday, the Senate is expected to vote on the Fair Minimum Wage Act of 2103 (S. 460). The bill raises the minimum wage to $10.10 an hour over three years and indexes it to inflation. It also would raise the minimum wage for tipped workers, which is currently $2.13 per hour, to 70% of the regular minimum wage. Find out more at Raise the Minimum Wage.