Minimum Wage Goes Up For The Third Time In Three Years - 7/26/2009

Just a few days ago minimum wage went up for the third time in three years, and for some small businesses the extra cost may affect their bottom line. The federal minimum wage increased on July 24th from six dollars and fifty-five cents to seven dollars and twenty five cents. And since January first of this year, Ohio state law has required all businesses to pay non-tipped employees a nickel more at seven dollars and thirty cents. Small business owners say wage increases have caused them to be much more carfeful with expenses especially during a recession. This was the last of three mimimum wage hikes by the federal government, the first of which came in 2007.