Monday, October 10, 2011

Supply and demand

Business struggling? Having a hard time making payroll this week?

No worries. See the state of Ohio has a plan for you. They're going to increase the minimum wage......

At 9:54 this morning, the Ohio Department of Commerce announced that Ohio’s minimum wage will increase on January 1, 2012 to $7.70 per hour for non-tipped employees and to $3.85 per hour for tipped employees, plus tips. Currently, Ohio’s minimum wage is $7.40 per hour for non-tipped employees and $3.70 for tipped employees, plus tips.

On January 1, 2012, the increased minimum wage will apply to employers who gross more than $283,000 per year. Ohio’s current minimum wage standard applies to employers who gross more than $271,000 annually.

For employees at smaller companies - those grossing $283,000 or less per year after January 1, 2012 - and for 14- and 15-year-olds, the state minimum wage is $7.25 per hour. For these employees, the state wage is tied to the federal minimum wage of $7.25 per hour.

“While this is disappointing news to all of us in the foodservice industry, this information comes early enough that owners and operators can use it to begin making some tough decisions with their 2012 budgets,” said Richard Mason, the ORA’s Director of Government Affairs.

Can someone give these guys a supply/demand curve.

1 comment:

Anonymous said...

There are some people trying to do the right thing and climb the economic ladder. The state of Ohio just kicked out another bottom rung. As long as it makes the politicians appear to be doing SOMETHING. That's what's important, even if the result hurts the little guy.