Bringing The World Home To You

© 2021 WUNC North Carolina Public Radio
120 Friday Center Dr
Chapel Hill, NC 27517
919.445.9150 | 800.962.9862
91.5 Chapel Hill 88.9 Manteo 90.9 Rocky Mount 91.1 Welcome 91.9 Fayetteville 90.5 Buxton
Play Live Radio
Next Up:
0:00
0:00
Available On Air Stations
Business & Economy

Survey: CFOs Would Lay Off Employees If Minimum Wage Rises To $15

A picture of an empty wallet.
401(K) 2012 / Creative Commons
/

Chief Financial Officers across the country say that hiking the federal minimum wage could lead to mass layoffs. Rebecca Martinez reports they're not willing to move far from the $7.25-per-hour standard.

Duke University and CFO Magazine Global Business Outlook Survey wrapped up Friday, after 74 consecutive quarters. It's world's longest-running survey of senior finance executives. They say few companies would act if the minimum wage were raised to $8.75 an hour.

But if pay jumped to $15, nearly half of CFOs said they would start laying-off employees. Two-thirds said they would curb future hiring growth at that level. The survey says that's the point at which companies would switch from human labor to robots, where possible.

But, about 40 percent of CFOs said they could probably attract higher quality workers and reduce turnover at $15 an hour, too.

Seattle decided to make that jump this summer. Time will tell whether it disturbs the robot-to-human labor balance.

Related Stories
More Stories