Skip to content

Can Minnesota Small Businesses Afford A $20/Hour Minimum Wage?

Can Minnesota Small Businesses Afford A $20/Hour Minimum Wage?

March 20, 2024 Last Edit: July 22, 2024

Minnesota lawmakers are weighing a bill that would nearly double the state minimum wage over the next four years.

Recently, the Minnesota Senate Labor Committee heard a bill that would raise the state minimum wage to $20/hour for ALL EMPLOYERS.

Under the proposal, the minimum wage would jump by nearly 40% – to $15/hour – starting in August 2024. From there, it would increase by $1.25 per year until reaching $20/hour in 2028. After that, it would be indexed to inflation with no cap on the yearly increase.

This bill goes even further than the Minneapolis-St. Paul $15/hour minimum wage. Researchers from the Minneapolis Federal Reserve found those cities’ wage hikes had a devastating impact on retail and hospitality businesses. The effect will be even worse with a $20/hour minimum wage.

This proposal is completely out of touch with the reality facing small business owners today and will only make labor costs an even bigger problem for many employers.

Your voice can make a difference. CLICK HERE to tell your lawmakers to STOP the $20/hour minimum wage.

Get to know NFIB

NFIB is a member-driven organization advocating on behalf of small and independent businesses nationwide.

Receive our newsletter and email notification
Knowledge is power. Let us help you stay informed with breaking legislative news, regulatory updates, business tips, and more.

Related Articles

Illinois Flag
April 18, 2025
Illinois Ranks 46th out of 50 States for Economic Competitivene…
Illinois climbed two places, from 48th to 46th, in the rankings but continu…
Read More
person at work
April 16, 2025
Don’t Miss Your Chance to Vote the NFIB Federal Member Ballot
The NFIB Federal Member Ballot is open for voting on the issues that matter…
Read More
Person at work
April 16, 2025
Small Business Optimism Slips in March Research
Optimism fell as taxes ranked a top small business problem in the March Sma…
Read More
April 16, 2025
Small Business Speaks Out to Repeal Beneficial Ownership Report…
NFIB member Elden Johnson and NFIB Vice President of Federal Government Rel…
Read More

© 2001 - 2025 National Federation of Independent Business. All Rights Reserved. Terms and Conditions | Privacy Policy | Accessibility