New York
City’s fast food worker minimum will rise to $15 by 2018 and the rest of the state by 2021. The increase in wages is in efforts to improve the lives of chain restaurant employees whose wages can keep them reliant on taxpayer-subsidized welfare programs. This policy will apply to not only company-owned restaurants with thirty or more nationwide locations but to franchise locations as well. As wages increases, labor costs increases resulting in price hikes for consumer goods. In a recent survey of 924 fast food businesses in New York, 70 percent were “very likely” to raise prices in response to the increase in minimum wages, and 83 percent of respondents claimed they were very likely or “somewhat likely” to reduce hours of staffing levels. This increase in higher wages could potentially prompt competitive salary increases throughout the hospitality and retail industries to avoid drama of workers who’ll suddenly find fast food jobs more attractive.
The New York City minimum wage increases are scheduled to occur on December 31st of 2015, 2016, 2017 and 2018 at $10.50, $12.00, $13.50, and $15 respectively. While the changes to the New York State minimum wages will be broken down from 2015 to 2021, at $9.75, $10.75, $11.75, $12.75, $13.75, $14.50 and $15 respectively.
To read more, click here.
More than 80,000 food companies coexists and thousands are starting a new food business every year. Lisa Curtis, business and food tech analyst, believes 2015 will be the year that food startups will receive broader recognition. In 2014, there was a record breaking sales of $2.36 billion raised in the food and agriculture industry. The industry continues to grow as it becomes more attractive to entrepreneurs. Food is a commodity that everyone needs and is flexible to adjust towards changing consumers’ demands. The industry also holds potential fortune justified by mergers and acquisitions from major food companies that resulted in billions in sales.
paigepapers.com 