A report from the Los Angeles Economic Development Corporation (LAEDC) has found that the attitude of people living in the San Fernando Valley towards raising the minimum wage is shifting. While 48% of business owners in the area are opposed to the increase, 63% of Valley residents are supportive of it, up from 60% in a similar survey one year ago. It is said these findings could put pressure on business owners and politicians to support the proposal, although the report also highlighted that along with proposed wage increase comes a possible price increase for goods and services.
Report Shows Attitude Toward Minimum Wage in Valley Shifting
A new report released last week suggests the opinion of people living in the San Fernando Valley regarding the minimum wage is shifting.
The Study
The report in question is titled the “Valley Economic Study” and was conducted by the Los Angeles Economic Development Corporation (LAEDC). It consisted of a comprehensive survey of workers and business owners in the San Fernando Valley regarding the current minimum wage laws and the proposed increases that are scheduled to take effect in the near future.
According to the report, 48 percent of business owners in the San Fernando Valley are currently opposed to the minimum wage increase, while 42 percent support it. The rest of the respondents remain undecided.
The Shift in Attitude
However, despite the fact that the majority of business owners oppose the minimum wage increase, the report suggests that the attitude of the public is shifting.
The survey data shows that 63 percent of Valley residents support the raise in the minimum wage. This is up from the 60 percent that expressed support in a similar survey conducted just one year ago.
Furthermore, the study indicates that more residents believe that raising the minimum wage will lead to economic benefits for the region.
The Impact of the Report
This report’s findings could have a significant impact on the ongoing debate regarding the minimum wage increase in the San Fernando Valley.
The study suggests that the public’s opinion is shifting, which could put more pressure on business owners and politicians to support the proposal.
In order to accommodate the proposed minimum wage increase, some businesses may be required to raise the prices of their goods and services. As such, it is important to note that the study also shows that Valley residents are sensitive to these potential price increases.
58 percent of respondents said they would be less likely to buy products or services if the prices increased. Meanwhile, only 18 percent said they would continue to purchase as they currently do, and 24 percent remain undecided.
FAQs
What is the current minimum wage in the San Fernando Valley?
The current minimum wage in the San Fernando Valley is $15 an hour for businesses with more than 25 employees. Businesses with fewer than 25 employees are required to pay $14.25 an hour.
When will the proposed minimum wage increase take effect?
The proposed minimum wage increase will take effect on July 1st, 2021. The wage will increase to $15.00 an hour for businesses with more than 25 employees and $14.25 an hour for businesses with fewer than 25 employees.
How did the LAEDC conduct the Valley Economic Study?
The LAEDC conducted the Valley Economic Study through a comprehensive survey of workers and business owners in the San Fernando Valley. The survey asked about their attitudes toward the minimum wage and the proposed increases that are scheduled to take effect. The data collected from the survey was used to compile the report.
What impact could this report have on the minimum wage debate in the San Fernando Valley?
The report’s findings could have a significant impact on the ongoing debate regarding the minimum wage increase in the San Fernando Valley. The study suggests that the public’s opinion is shifting, which could put more pressure on business owners and politicians to support the proposal.
