IncSmart New Jersey (Small Business and Startups) -
New Jersey business fight minimum wage increase. The business lobby group is worried about Governor elect Phil Murphy's plan to hike the state's minimum wage to $15 an hour from $8.60 in 2018. Raising the minimum wage is suppose to help unskilled workers, but in reality, the increase will hurt them instead. Increasing the minimum wage will make unskilled workers, unemployable.
The New Jersey's economy has been trailing other states. As it grew 2.3 percent for the second quarter, it ranks 33rd nationwide. New Jersey employment rate rom October 2016 to September 2017 grew 0.7 percent, ranking 39th nationwide. Minimum wage increase will force small business to cut staff, reduce hours and raise prices. This may also include cutting workforce benefits. Some businesses will be forced to pass the increased labor costs on to their customers through higher prices.
By IncSmart Staff Writer
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