Min. Wage Increase Could Cost Businesses $15B, CBO Says

Law360, New York (April 17, 2014, 7:27 PM EDT) -- The nonpartisan Congressional Budget Office estimated on Thursday that a bill introduced by Senate Democrats aimed at raising the minimum wage, would require private employers to pay an extra $15 billion in 2017 to workers covered by the Fair Labor Standards Act.

The CBO estimated that once employers were required to pay workers $10.10 an hour — which the office said would occur in 2017 if the bill passed in July — businesses would be required to shell out $15 billion more than they currently do.

That figure “significantly exceeds” the Unfunded Mandates Reform Act’s current threshold of $154 million for...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.


  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!

TRY LAW360 FREE FOR SEVEN DAYS

Attached Documents

Related Sections

Companies

Government Agencies

Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Beta
Ask a question!