The U.S. Senate on Wednesday narrowly rejected a minimum wage bill that would have increased the federal rate from $7.25 an hour to $10.10. Opponents argued that the bill would have hurt small businesses, and the Congressional Budget Office estimated it could have eliminated 500,000 jobs if passed. "For many franchise businesses that are labor-intensive and already operate on thin profit margins, this legislation could have pushed some operators out of business. Businesses should be able to determine the most competitive starting wage and subsequent raises for their employees within their industry and local economy," IFA President and CEO Steve Caldeira said.

Related Summaries