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updated: 7/24/2009 12:18:20 AM
Businesses Prepare to Deal With Increase in Minimum Wage
The federal minimum wage on Friday will increase from $6.55 an hour to $7.25 an hour. According to statistics from the Indiana Department of Workforce Development, there were 64,000 Hoosiers in 2008 earning at or below the minimum wage, about 3.5 percent of all the hourly workers in Indiana. Workers ages 16-19 made up the largest percentage of minimum wage workers at 17.1 percent, followed by those 20-24 at 11.7 percent.
Source: Inside INdiana Business
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Economists have differing opinions on how the wage increase will affect employers and jobs.
A study published last October by Ball State University's Bureau of Business Research found an increase in the state's minimum wage may have eliminated 160,000 low-paying positions.
However, another report released last October by he Indiana Business Research Center at Indiana University's Kelley School of Business found decreased employment is not necessarily tied to higher minimum wages. The IU study looked at employment in Midwestern states between 2003 and 2005.
Source: Inside INdiana Business
