President Obama made it clear in his State of the Union that raising minimum wage is a priority for this administration. Of course, this brings up a lot of questions about prices, wages and job openings. We surveyed over 9,000 job seekers and over 500 employers to get their take. The results may surprise you!
What is a livable minimum wage?
While President Obama has said that his goal minimum wage is $10.10, the majority of job seekers and a large percentage of employers think that $9 an hour is an acceptable wage.
Would you be willing to pay more?
55 percent of employers told us that they would probably have to raise their costs if they had to raise their wages. But, it seems that most job seekers would be okay with that. Over 70 percent said they wouldn’t mind paying a little more for necessities if it meant raising minimum wage.
What about the employees?
One worry about raising minimum wage is that some people will lose their jobs. Seventy percent of seekers told us that they would not support a hike in minimum wage if it meant one or more of their coworkers would lose their jobs.
Would you be okay with a guaranteed increase?
Over 80 percent of job seekers said they would be okay with taking a job at today’s minimum wage rate of $7.25 if it meant a guaranteed $1 pay increase after every six months.
Exactly who is making minimum wage?
Eighty percent of the people we surveyed think that the average age of a person making minimum wage is between 16-30. In fact, less than 16 percent of those making minimum wage are teenagers. To be precise, 84.1 percent of those on minimum wage are over the age of 20 and almost half are working their jobs full time. Sixty percent of minimum wage earners are women and just over half are white.