Our allies at Business for a Fair Minimum Wage are launching a new sign-on statement for business people to support raising the federal minimum wage gradually to $15 by 2024—and we’re inviting business leaders to be some of the first to sign. The federal minimum wage has not increased since July 2009, and this year we’re headed toward a terrible milestone: the longest period without a raise since enactment in 1938.
Today’s $7.25 an hour federal minimum wage—just $15,080 a year for full-time work—has far less buying power than minimum wage had in the 1960s. Raising the minimum wage puts money in the pockets of people who most need to spend it—increasing sales, boosting the economy, and reducing strain on our public safety net. You can see the full sign-on statement below or go here to sign on now.
Your support as a green business leader makes a real difference. Consumers and policy makers will look to this national sign-on statement to see the growing list of business leaders and business organizations that support raising the federal minimum wage to $15 by 2024—the level in the Raise the Wage Act of 2019. Please sign whether or not you have employees or pay minimum wage currently.
A growing number of businesses and executives support gradually raising the federal minimum wage to $15 by 2024 because:
Workers are also customers. Raising the minimum wage puts money in the pockets of people who most need to spend it, increasing sales at businesses and boosting the economy.
Raising the minimum wage makes good business sense. Low pay typically means high turnover. Raising the minimum wage pays off in lower employee turnover, reduced hiring and training costs, lower error rates, increased productivity and better customer service. Employees often make the difference between repeat customers or lost customers.
Raising the minimum wage is smart policy. It will reduce the strain on the safety net caused by wages that people can’t live on. It will help level the playing field for businesses and strengthen the consumer spending businesses depend on to thrive.