Do people support a minimum wage hike for Virginia jobs?
Posted on September 26, 2015
A recent Careerbuilder study shows that many people may support a minimum wage hike for Virginia jobs, among other locations.
According to the survey, 64 percent of employers believe the minimum wage should be increased in their state, up from 62 percent last year.
Twenty-six percent of employers said they plan to hire minimum wage workers this year. Only six percent of all employers believe the federal minimum wage ($7.25 per hour) is fair. The majority (61 percent) felt a fair minimum wage is $10 or more per hour, up from 54 percent last year; and 11 percent said a fair minimum wage is $15 or more per hour, up from 7 percent last year.
The full breakdown of what employers consider to be a fair minimum wage is as follows:
•$7.25 per hour: 6 percent
•$8.00-$9.00 per hour: 24 percent
•$10.00 per hour: 27 percent
•$11.00-14.00 per hour: 23 percent
•$15.00 or more per hour: 11 percent
•No set minimum wage: 9 percent
While nearly 1 in 5 of all workers (19 percent) said they couldn’t make ends meet every month in the last year, workers who hold or have held minimum wage jobs were much more prone to experience financial difficulties.
Nineteen percent of workers at all salary levels were not able to make ends meet during the past year. Sixty-five percent of all workers say they’re in debt and while most say it’s manageable, it should be noted that 16 percent of workers ages 25-34 still live with their parents, 18 percent of all workers have reduced their 401k contribution and/or personal savings in the last year and 28 percent don’t set aside any savings each month.
Percentage of workers who didn’t set aside money for savings in the last year:
Ages 18-24: 32 percent
25-34: 26 percent
35-44: 31 percent
45-54: 29 percent
55+: 24 percent
Total: 28 percent
Percentage of workers who don’t participate in retirement plans:
Ages 18-24: 69 percent
25-34: 41 percent
35-44: 33 percent
45-54: 26 percent
55+: 28 percent
Total: 36 percent