Survey: Wage Hike Would Hit Small Retailers
April 5, 2007 -- Small retailers say they will be forced to raise prices and reduce hiring if Congress approves legislation to boost the federal minimum wage, according to a new national survey.
In a survey of more than 1,000 small-business owners nationwide, 35 percent of retail and wholesale employers said the wage hike would adversely impact their business, according to Pittsburgh-based PNC Financial Services Group.
By contrast, 76 percent of all small businesses polled said the move would not affect their business, the survey said.
Among retailers, 34 percent said they would be forced to raise selling prices, while 29 percent said they would reduce hiring, the survey said.
Both the House and the Senate recently voted to increase the federal minimum wage from $5.15 to $7.25 over the next two years -- the first increase in a decade. The bills include tax breaks for small businesses and are currently being negotiated.
- next -
Read more:
Start up smarter with the UpStart Bootcamp @ Inc. Newsletter.
Sign-up for our Start-up Newsletter
ADVERTISEMENT
FROM OUR PARTNERS
ADVERTISEMENT
Select Services
- Forced to pay more?
- Salesforce costs up to 65% more than Microsoft Dynamics CRM. Compare.
- Collaborate in the cloud with Office, Exchange, SharePoint and Lync videoconferencing.
- Begin your free trial at Microsoft.com/office365
- Get on the same page
- Show and tell by sharing your screen instantly at join.me. Free.
- Shred No-Handed!
- Hands Free Shredding From Swingline Lets You Do More Productive Things!
- Winning new customers?
- SMB experts share their secrets at PersonallyPB.com/smb
- Turn Fans into Customers
- Social Campaigns from Constant Contact. Sign up now - it's free!







community


