HomeMember News$15 Minimum Wage Bill Threatens NJ Businesses

$15 Minimum Wage Bill Threatens NJ Businesses

Bill Up for Assembly Committee Vote

Legislation to raise the state’s minimum wage to $15 an hour is scheduled for a vote in the New Jersey State Assembly Labor Committee on Thursday. This vote follows an approval on Monday by the Senate Labor Committee to advance minimum wage legislation. The New Jersey minimum wage of $8.38 is tied to the cost of living adjustment and did not increase this year. A $15 minimum wage would have a devastating impact on the New Jersey economy.

The Assembly bill is another anti-business policy being pushed through the state’s legislature. The MIDJersey Chamber of Commerce is opposed to this bill, A-15, for a number of reasons. First, businesses would have to withstand significant costs and be forced to trim payroll or reduce hours and benefits for employees. This minimum wage legislation would theoretically have a negative impact on the state’s unemployment rate; which has dropped to 4.4% and continues to decline. Second, the costs of goods and services would rise in accordance with increased operating expenses. Businesses would be left with no other viable alternative. The consumer would have to shell out more money for the identical product or service.

The A-15 bill is potentially damaging to small business and unsettling to the state’s economy. The bill mandates an increase of almost 80% to the existing minimum wage of $8.38/hour. Even a phased-in approach leaves the future unpredictable and up in the air.

We urge you to contact your elected representatives asking them to Vote NO on A-15. For convenience, you may use the NJBIA automated email system to write to the Assembly Labor Committee and the bill sponsors expressing your concerns.

Click to view the PDF of the A-15 bill.

For questions or comments, you may contact Jeff Richardson by email at jeff@midjerseychamber.org or by phone at (609) 689-9960 x16.

 

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