Minimum Wage Increase Today - KTEN.com - Texoma news, weather and sports

Minimum Wage Increase Today

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If you haven't heard, the minimum wage increase goes in effect today.  Good news?  It depends on how you look at it.

It will put higher numbers on employees pay checks but in the end it might not help over all.  When wages rise so do consumer prices, which may void the wage increase or a least lessen its effects.

The minimum wage will rise from $6.55 to $7.25 an hour.  It's good news for workers, but bad news for business and consumers.  The end result could leave consumers to foot the bill.

Janie Bates of Workforce Solutions says, "Many employees who are paying minimum wage will have to increase the price of their product to make up for paying this." 

The wage increase could also lead to job cuts or cut the amount of hours worked by those employed.  If an employer can employ 10 people at $6.55 an hour they might only be able to employ 9 at $7.25 an hour.

Christina Lusby, Reports.       

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