The recently approved increase in the hourly minimum wage in California will hurt businesses because it will further boost the already-high cost of labor, businessmen believe.
On Monday, California Gov. Jerry Brown signed legislation that will gradually increase workers’ minimum wage across the state to $15 per hour by 2022.
Businesses, particularly small businesses, are now finding themselves caught between a rock and hard place because increase in workers’ pay will inflate their costs of doing business.
Brian Hibbs, the owner of a small graphic novel & comic book store Comix Experience, said the new legislation will hurt small businesses like his. He explained that his payroll will jump to $40,000 by the year of 2018 just to cover his half a dozen employees.
Speaking on the topic, he added, “I don’t think this was thought through. The cost of labor is so high. It’s very, very difficult to run a profitable business at this point.”
The new legislation states that the minimum wage in California will rise to $10.50 an hour in 2017, $11 an hour in 2018, and then by $1per year until its reaches $15 per hour by 2022.
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