(CBS Detroit)- Michigan’s minimum wage is over $10 this year, but what does that mean for low-margin Michigan small businesses?
The $9.87 to $10.10 increase was set by the Michigan Work Opportunity Improvement Act of 2018 and is part of several annual increases. Malik Masters, a professor of management at Wayne State University, said the raise is manageable when it comes to small businesses in the state.
“We recently added about 170,000 jobs to small businesses in Michigan. We want to keep that up, and we probably don’t want to set the minimum wage at a level that hurts that,” Master said. increase.
Small businesses are leading job growth not only nationally, but also in Michigan, he said. He added that about 2 million people in the state work in small businesses, making up about 48% of the workforce.
Learn more about the 2023 increase here.
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