NJBIZ: $15 minimum wage would boost state economy
By Daniel J. Munoz
NJBIZ, October 2, 2018
The increase of a minimum wage to $15 an hour by 2023 could inject $3.9 billion in the state’s economy through a rise of the consumption power for over 1 million residents, according to a report by the advocacy group New Jersey Policy Perspective.
NJPP’s report, unveiled Tuesday at a statehouse press conference in Trenton, said a higher minimum wage would result in lower employee turnover, thereby lowering the costs of hiring and training. A wage increase would also boost productivity and purchasing power for workers, according to the report.
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