Small Business Owners Applaud Veto of Minimum Wage Increase

Date: March 28, 2024

HB 1/SB 1 would have forced employers to raise prices or try to get by with fewer workers

NFIB State Director Julia Hammond released the following statement today in response to Gov. Glenn Youngkin’s veto of House Bill 1/Senate Bill 1, legislation that would have increased the commonwealth’s minimum wage to $15 by Jan. 1, 2026:

“HB1/SB 1 was a solution in search of a problem. Our members, many of whom already are paying well above the minimum wage to recruit and keep a strong workforce, are in the best position to decide how much they can afford to pay.

“Raising the state minimum wage would have put pressure on employers to pay more to stay competitive and forced small businesses to raise prices to cover the costs of the mandate or try to get by with fewer workers.

“Inflation already is making it harder to own, operate, and grow a small business. Raising the minimum wage would have made a bad situation even worse. On behalf of our small business members, I want to thank Governor Youngkin for listening to Virginia’s job creators and vetoing HB 1/SB 1.”

Related Content: Small Business News | Virginia

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