I think the key portion of that is:
Sets the standard salary level at the 40th percentile of earnings of full-time salaried workers in the lowest-wage Census Region, currently the South ($913 per week; $47,476 annually for a full-year worker);
Do you see any other parts of that being directly applicable?
I do wonder how many security companies will hit this as an issue since I thought most companies pay their techs on an hourly basis and people who are on salaries are typically paid over $50,000. Am I missing something?
Does anyone doubt that any government mandated pay increases will be passed along in higher costs to consumers? I strongly suspect the net effect will be loss of purchasing power to anyone on fixed income (retirees on Social Security, those living on savings, etc.). Personal savings rates will drop further as the effective interest rates track even lower into the negative. People already making more than minimum wage are not likely to sit passively as their purchasing power declines relative to what was. As the costs are passed along the actual purchasing power of the new minimum wage will probably be about the same as the current minimum wage- but the tax rates will bracket creep up and surprise- everyone gets a tax hike without any discussion.
Good thing, according to our government, there is hardly any inflation now. I gotta wonder what grocery stores they use.
How many here have positions at your companies that are paying minimum wage, and are filled?
Speaking only for myself, I don't have any positions where I am paying minimum wage to anyone. I could never fill that position.
I don't have any positions where I am paying the "new Federal minimum" either.
I don't see a tremendous impact in our industry. Others, perhaps; not ours.
As a matter of policy, I have always paid exempt employees (and there are not many that are exempt) overtime for weekends and holiday anyway. It is a matter of being fair.
I agree that few, if any, in our industry are paying less than the new Federal minimum. That said, do you think that if entry level positions that require no skill set are given a sizable percentage increase in pay, that the people that fill positions that require they bring and maintain a high level of training to their jobs will passively sit back and watch their income advantage over untrained people shrink? I think not. I expect this to be inflationary. I think most of this is politicians buying votes.