Bill to raise the minimum wage to $15 an hour by 2025 threatens to undermine Virginia’s economy
RICHMOND (Feb. 13, 2024) – Following the Senate’s passage of SB 1, a bill to dramatically increase the state’s minimum wage, NFIB State Director Julia Hammond warned the mandate would hurt small business owners and working Virginians alike.
“Virginia’s small business community is very concerned by SB 1/HB 1. We know that inflation remains the key obstacle for Main Street. Dramatically increasing the minimum wage, all the way to $15 an hour by 2025, will exacerbate this challenge. These hikes will result in fewer working hours for Virginians who are often just entering the workforce for the first time, eliminate jobs, and shutter small businesses.”
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Background:
In 2022, the House of Delegates passed legislation freezing the state’s minimum wage at $11 an hour. Without that change, the minimum wage would have climbed to $15 an hour by 2026. Today’s action puts the minimum wage increases back on course, undermining the small business economy.
A recent NFIB survey found that 20 percent of owners reported that inflation was their single most important problem in operating their business.
