From WSJ: Various companies have said they support raising the federal minimum wage—albeit not as high as $15.
Finance chiefs are evaluating their options to offset potential higher costs as some lawmakers pursue legislation asking for an increase in the federal minimum wage to $15 an hour as part of a Covid-19 relief package.
President Biden has said he supports a plan to more than double the federal minimum wage from $7.25 to $15 over the course of four years. A higher wage floor would provide salary raises to essential workers during the coronavirus pandemic and elevate low-paid employees from poverty, according to Mr. Biden. The federal minimum wage last changed in 2009, when it rose from $6.55.
Democrats in the House and Senate are seeking to include the minimum-wage increase in the $1.9 trillion package currently under discussion, but the legislation faces opposition, including from Republicans, economists and members of Mr. Biden’s party.
Raising the federal minimum wage to $15 an hour by 2025 could deliver pay raises for 27 million workers and lift 900,000 Americans above the poverty threshold, the nonpartisan Congressional Budget Office estimated in a report on Monday. It also said the policy could cost 1.4 million Americans their jobs.
Various companies have said they support a federal minimum wage increase—albeit not as high as $15—and a phased-in approach that gives them time to prepare. Many businesses are paying a minimum wage of $7.25 or more in some states in which they operate, but a nationwide increase would require more extensive preparations.