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Interesting Facts about Business and Minimum Wage

A PRIME Insurance Report

All the talk about a minimum wage increase! Here’s more fodder on the topic!

 

  • Studies show that raising the minimum wage does not contribute to less poverty. On the other hand, workers that are laid off or fired experience more financially-related suffering.

  • The most current study indicates that a mere 1 percent actually work for the minimum wage.

  • Teens and not heads of households are part of the biggest group earning the minimum wage.

  • Most employees earning the legal minimum work for the food industry related business.

  • Most employees that are paid the minimum wage only work part-time.

  • 1/3 of all minimum wage workers did not complete a high school education curriculum.

  • The highest paying minimum wage is $14.82 per hour in Emeryville, CA.

  • Research tells us that most employees that begin earning at the bottom of the rung, receive a wage increase within the first year.

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Summary: Does raising the minimum wage help raise the bar for the poor? See what this report by Prime Insurance has to say on the topic.


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