Effects That Minimum Wages Have on Small Businesses
The minimum wage has long been a source of contention between government and small business. While government seeks to make sure that all workers are paid a fair wage, for some small businesses raising the minimum wage leads to serious economic problems.
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Purpose of Minimum Wage
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The Federal Minimum Wage was established to assist lower-income employees achieve more of a parity with those earning above the minimum wage.
Entry Level Jobs And Small Businesses
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Entry level jobs are those jobs that are usually considered "starter" jobs, and many small businesses offer these jobs to new members of the job market.
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Small Businesses And Minimum Wage
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For some small businesses, the minimum wage has a direct impact on their bottom line. If a small business is struggling, the business owner has to pay a specific amount to his employees, even though it might be economically challenging.
State Minimum Wage
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A state can have a higher minimum wage than the federal minimum wage, making small businesses in different states pay even more than a competitor in a different state.
Fair Payment
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In the end, most small businesses will wind up paying more than the minimum wage to maintain good employees.
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