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New Year Minimum Wage Increase
If your business is located in Arizona, Colorado, Florida, Montana, Ohio, Oregon, Vermont or Washington, make sure you’re prepared for an increase in minimum wage.
Rates in these states will range from $7.64 per hour (in Colorado), to $9.04 (in Washington) in 2012.
The small boosts for 2012 are estimated to tack an extra $582 to $770 a year onto the paychecks of full-time workers, according to the National Employment Law Project, a non-profit advocacy group.
What’s more, the increases could be a mini-boost for the economy. The expected rise in consumer spending as a result of the wage increases would add $366 million to the nation’s gross domestic product and lead to the creation of more than 3,000 full-time jobs.
Photo by Kevin Dooley
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Kyle Ambrosas on December 26th, 2011 4:30 pm
You say that this will lead to the creation of 3000 jobs, but I think that is a nearsighted analysis. Companies currently paying minimum wage will not be able to afford as many employees, so many of them will lose their jobs. I wonder what the net effect will be?
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