A new survey conducted by Wells Fargo (WFC) and Gallup on about 600 business owners has published its findings on November 21, 2013. According to the survey, increase of federal minimal wages to $9.50 would hurt business, yet about 50% of respondents are supporting the hike.
Survey Findings:
- 47% of small buisness owners whose annual revenue is less than $2 million are supporting the hike of minimum wages, even though it hurts their business.
- 30% of business owners say, they would reduce their workforce and workers benefits to compensate for the rise of wages.