Once thing is clear in Massachusetts, the path to economic recovery begins with small businesses thriving once again. But there are several problematic impending cost increases scheduled for 2021 that may hinder job creation and economic growth.
- Minimum Wage Increase
The state minimum wage is set to increase on 1/1/21 to $13.50 per hour with a tipped wage of $5.55.
- Paid Family and Medical Leave
The new benefit can begin being used by workers for their own illness or to bond with a child on 1/1/21.
- Unemployment Insurance
Because the state UI fund was depleted by July, UI taxes are set to increase exponentially jumping from schedule E to schedule G in 2021.
- Health Insurance Premiums
Insurers are attempting a 7.9% rate hike for health insurance premiums for next year that will impact small businesses and their workers.
NFIB is asking that you contact your elected officials to let them know how these cost increase will impact your small businesses. Make sure to relay that when it becomes more expensive to run your business it becomes harder to create new jobs or bring employees back into the workforce. We’ve made it easy to contact lawmakers by using our Action Alert. Just CLICK HERE.