Most Active Stories
- NC State Student Uncovered Neck Bone Of Biggest Dinosaur Ever
- NC Photographer Uses Pinup Photos As A Way For Women To Appreciate Their Bodies
- George Hamilton IV: 1937-2014. Five Songs That Made Him Famous
- 'Breathtaking' Images Discovered Of A 1950s Shoeshine Competition In North Carolina
- Scholars Gather Saturday To Share Little-Known NC Stories
Hosts, Reporters and Producers
Business & Economy
Sat March 15, 2014
Survey: Companies Don't Like $10 Hour Minimum Wage
Chief Financial Officers say increasing the national minimum wage to $10 an hour could have negative consequences.
Duke Finance Professor John Graham says nearly half of retail firms and one-third of service and manufacturing companies said they would decrease hiring plans.
"Why a higher minimum wage obviously helps those people earning it, it can have a negative consequence of some people, some low wage employees, actually losing their job," said Graham.
But what if the minimum wage increased only $1.25 to $8.50 an hour? Graham says the survey showed CFO's complained less. Only about 10% said they would decrease hiring plans.
“So it seems like there is a window there for some moderate increase in minimum wage, but going all the way to $10 might have some negative, unintended consequences,” said Graham.
President Barack Obama tried to start the minimum wage ball rolling earlier this year when he raised the hourly rate for government contract workers to $10.10. The Gap retail clothing company followed, raising its minimum wage to $9 this year and $10 in 2015.
The State of Things