SMALL BUSINESS IN RHODE ISLAND FACES YET ANOTHER HURDLE

PROVIDENCE (February 4, 2015): The National Federation of Independent Business (NFIB), Rhode Island’s largest statewide small business advocacy group, opposes legislation to increase the state’s minimum wage for the fourth time in four years. Testimony on the bill to increase the state’s minimum wage to $10.10 per hour will be heard by the House Labor Committee tomorrow.  

“Unfortunately small business owners have become accustomed to the increasing costs associated with doing business in Rhode Island,” said NFIB Rhode Island State Director Bill Vernon. “If the House passes this bill it will be the latest in a string of legislative proposals that make owning and operating a business in this state incredibly difficult.”

Rhode Island has seen increases in its minimum wage rate every year since 2013 and if passed, House Bill 5074 will result in an across the board 12% increase for staffing costs in the state in 2016, on top of a similar double digit percentage increase this year. 

“In order for businesses to thrive and be successful they must have confidence in their ability to anticipate costs for things like wages,” Vernon continued. “At this point every year is a mystery for Rhode Island entrepreneurs just trying to budget and take care of their employees. It is no wonder that our unemployment rate continues to lag behind the rest of the country.”