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Op-ed: Black companies assist elevating the minimal wage. Why doesn’t the remainder of Company America?

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Individuals collect collectively to ask the McDonald’s company to boost employees wages to a $15 minimal wage in addition to demanding the fitting to a union on Could 23, 2019 in Fort Lauderdale, Florida.

Joe Raedle | Getty Photographs

President Joe Biden introduced the “American Rescue Plan” in January, which incorporates elevating the minimal wage to $15 an hour. For the reason that president’s announcement, there was in depth debate surrounding the minimal wage improve, significantly from the enterprise group.

Whereas a lot of the “American Rescue Plan” focuses on aid associated to COVID-19, elevating the minimal wage is lengthy overdue and the pandemic has solely exacerbated the necessity for a wage that may maintain American employees.

Up to now 25 years, the minimal wage has solely elevated $2.50—from $4.75 an hour to $7.25 an hour—and the final improve was in 2009. Moreover, in accordance with the Financial Coverage Institute (EPI), Black workers make up 31% of the workforce that may most profit from an elevated minimal wage.

Opponents of a minimal wage improve argue that it might harm American companies and power small and medium companies to shed employees.

Nevertheless, the U.S. Black Chambers, Inc. (USBC) disagrees with this argument. The USBC, which represents 310,000 Black-owned companies and 145 Black Chambers nationwide, understands that elevating the minimal wage may have a major influence on thousands and thousands of People and their houses, along with lowering pay inequality by race and gender.

Whilst 41% of Black-owned companies closed as a consequence of COVID-19, Black enterprise house owners have continued to specific assist for a rise to the minimal wage due to the significant impact it might have in thousands and thousands of American houses and in lifting households out of poverty.

The EPI estimates that “nearly one in 4 (23%) of those that would profit is a Black or Latina girl.”

The USBC met with Vice President Kamala Harris and Secretary of the Treasury Janet Yellen earlier this month to debate the disproportionate have an effect on COVID-19 has had on Black-owned companies, and methods the Biden Administration is working to offer aid and help to the companies that want it most.

Whilst 41% of Black-owned companies closed as a consequence of COVID-19, Black enterprise house owners have continued to specific assist for a rise to the minimal wage due to the significant impact it might have in thousands and thousands of American houses and in lifting households out of poverty.

If the Black enterprise group, which faces main obstacles outdoors of COVID-19, can get behind a $15 an hour minimal wage, why can’t the remainder of company America?

Elevating the minimal wage won’t be straightforward for companies however it’s a important step in bringing monetary stability to components of America which have lengthy been ignored.

In reality, Black-owned companies may even see slower development primarily based on the variety of workers they will afford to pay (along with having much less entry to capital) however that isn’t stopping the group from rising to the problem.

Company America, let’s make a $15 minimal wage occur by 2025.

 Ron Busby is president of the U.S. Black Chambers, Inc.

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