Economy

Vietnamese businesses balk at raising minimum wage every year: commerce chamber

Vietnamese businesses balk at raising minimum wage every year: commerce chamber”

The amendment raised the wage from $4.25 to $6.85 an hour in 2007, elevating Ohio's rate above the national rate.

"Therefore we need to stop raising the minimum wage, or only raise it once every 2-3 years".

As of Monday, the general minimum wage will increase to $14 from $11.60. The government said the first five days would be paid. The first bump on January 1, 2016 raised the minimum hourly wage from $8.15 an hour to $8.50.

"Our neighbors are getting raises this week, NY and California are moving toward $15, and seven states have already approved minimum wages that are higher than ours in Massachusetts", said Lew Finfer, Co-Director of the faith-based Massachusetts Communities Action Network.

Additionally, he argued that raising the minimum wage would lower foreign investment in labor intensive industries as FDI companies would move to regions with a lower minimum wage.

The wage increase is the last of three scheduled increases approved by the Michigan Legislature on May 27, 2014.

More news: EPS for Valley National Bancorp (VLY) Expected At $0.17

Studies show that a higher minimum wage results in less employee turnover, which increases business productivity.

Wages will continue to rise incrementally over the next several years.

In a survey conducted by Vietnam's Institute of Workers and Trade Unions in March, a third of the 2,600 workers questioned said their incomes were barely sufficient to live on, while 12 percent said their wages simply did not cover living expenses, forcing them to work extra hours. The legislation contains no increases in the minimum wage going forward.

About 146,000 Ohio workers will get a small raise next month when the state's minimum wage increases 15 cents, according to an analysis by Policy Matters Ohio. "It's clear that a higher minimum wage helps families and strengthens our economy, but a full-time worker making our state's minimum wage can't afford to pay their bills or support a family".

As the owner of nine Subway franchises in the area, Wendy Williams has no problem paying employees above the minimum wage.

For the remainder of the state, including all of upstate, it will take longer for the minimum wage to reach $15 an hour.



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