What Minimum Wage Rate Hikes Mean to Small Businesses

According to a LendEDU survey, more than two-thirds (67.6%) of small business owners support a $15 minimum wage, but there are strong reactions about what it means for their businesses. Of respondents, 18.6% say they’ll move and 24.2% will consider relocation if rates go up in their areas. About a quarter (25.6%) will raise prices, and 60% are going to rely more on artificial intelligence (AI).


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