NEW YORK (AP) — Small business owners support raising the federal minimum wage because they believe it will help the economy and, in turn, enable small companies to hire more workers.
That's the finding of a survey released Wednesday by the Small Business Majority, a group that advocates on behalf of small businesses. Two-thirds of the 500 owners in the survey supported an increase in the current minimum hourly wage of $7.25 coupled with an annual adjustment for inflation. Eighty-five percent said they pay their employees more than the minimum.
The survey's results are at odds with the stand against a higher minimum wage taken by other small business groups.
But nearly two-thirds of the owners surveyed said a higher minimum would increase consumer spending and allow small companies to hire more employees.