Federal Minimum Wage
Business for a Fair Minimum Wage Federal Sign On Statement
ASBC supports raising the federal minimum wage as a key policy to implement the high road principle of paying a livable and fair wage. High Road employers know that businesses are likelier to thrive when they strengthen their productivity and the marketplace by compensating employees fairly, which reinforces the consumer demand essential for a sustainable economy.
ASBC endorses the campaign to raise the federal minimum wage being run by Business for a Fair Minimum Wage (an organization member of ASBC) and encourages business leaders to sign the BFMW statement.
Sign on Letter:
As business owners and executives, we support gradually raising the federal minimum wage to $15 by 2024. It’s good for business, good for customers and good for our economy.
Workers are also customers. Today’s $7.25 minimum wage – just $15,080 a year for full-time workers – doesn’t even cover the basics. 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.