Please look at this graph that shows the minimum wage increase path for small and large employers.
It shows that small employers (25 or fewer employees) and large employers (26 or more employees) will pay at a different rate. Beginning in 2017, large employers will increase to $10.50 per hour. Smaller employers will not increase until 2018.
Small employers will continue to be one year behind the large employers until all employees are covered at $15 per hour by 2023. The increase starts like this…
Large Employer Small Employer
2017 – $10.50 NO Raise
2018- $11.00 $10.50
2019 – $12.00 $11.00
2020 – $13.00 $12.00
2021 – $14.00 $13.00
2022 – $15.00 $14.00
2023……………………………..$15.00 + yearly cost of living increases set each year so you don’t have much time to set new prices to adjust for the unknown increase each year.
This could all be changed before it is signed into law, but this is the proposal as of yesterday. Also, there is a component that would tie the increases after this to inflation rates and also a “hold” feature if the economy goes down, but considering how the State lies about the real debt and economic problems (they still claim they are a employer friendly state), I don’t hold out much hope for a “hold” being used. It is, after all, in the State’s interest to increase pay so they can increase the amount of taxes collected from everyone. There is no incentive to lower the amount to be taxed.