Thursday, December 6

In support of a higher minimum wage: A report from the National Employment Law Project

Key findings in the report:
  • The majority of America’s lowest‐paid workers are employed by large corporations, not small businesses, and most of the largest low‐wage employers have recovered from the recession and are in a strong financial position.
  • Federal minimum wage of $7.25 per hour is decades out of date.  In terms of purchasing power, its value is 30 percent lower today than it was in 1968.
  • The Bureau of Labor Statistics estimates that 7 out of the top 10 top growth occupations over the next decade are low‐wage ones.
  • From 2010-2012, total U.S. employment has grown by 2.3%, whereas low-wage food service jobs have grown by 5.1%.
  • The three largest low‐wage employers in the United States – Wal‐Mart, Yum! Brands (the operator of fast food chains Pizza Hut, Taco Bell, and KFC), and McDonald’s – were profitable during all of the last three fiscal years, and each of them now earns profits that are substantially higher than their pre‐recession levels.

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