Small Businesses Ready for Minimum-Wage Hike

Dec. 27, 2006 -- Raising the federal minimum wage would have little effect on labor costs, according to a survey of small-business owners by Discover Financial Services.

Seventy percent of the 1,000 small-business owners surveyed said increasing the minimum wage from $5.15 to $7.25 -- a move recently supported by President Bush -- would have little affect on their labor costs, which suggests that many small-business owners already pay more than the minimum wage.

Discover surveyed small business-owners who employ five or fewer people.

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