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...

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