Business Owners Support Minimum Wage Increases

With 23 states and the District of Columbia slated to increase their minimum wages by the end of 2025, the national network Business for a Fair Minimum Wage reports that business owners in states around the country are cheering those increases, saying they will boost consumer spending and hiring, increase productivity, help retain employees, and in general strengthen the economy.

According to a statement Business for a Fair Minimum Wage issued on December 12, the following states will have either a planned or indexed minimum wage increase on January 1: Alaska, Arizona, California, Colorado, Connecticut, Delaware, Illinois, Maine, Michigan, Minnesota, Missouri, Montana, Nebraska, New Jersey, New York, Ohio, Rhode Island, South Dakota, Vermont, Virginia, and Washington. Florida, Oregon, and the District of Columbia will see increases later in the year, and some states like Alaska will experience multiple wage floor increases during 2025, per the statement.Voters in Alaska and Missouri approved ballot measures in November that greenlit increases to the minimum wage. Hundreds of business owners in those two states worked with Business for a Fair Minimum Wage to support the ballot initiatives, according to the statement.'Workers are also customers and minimum wage increases boost consumer buying power. They go right back into the economy as increased spending at local businesses,' said Holly Sklar, the CEO of Business for a Fair Minimum Wage. She added: 'State raises are vital for workers, businesses, and communities as the federal minimum wage remains stuck at just $7.25, falling further and further behind the cost of living.' The federal minimum wage hasn't budged since 2009, when it was raised to $7.25.One business owner, Erik Milan, whose music store Stick It In Your Ear is based in Springfield, Missouri, praised the state's increase. 'Raising Missouri's minimum wage will be good for workers and businesses'

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