Op-ed: Black companies help elevating the minimal wage. Why doesn’t the remainder of Corporate America?

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People collect collectively to ask the McDonald’s company to boost staff wages to a $15 minimal wage in addition to demanding the proper to a union on May 23, 2019 in Fort Lauderdale, Florida.

Joe Raedle | Getty Images

President Joe Biden introduced the “American Rescue Plan” in January, which incorporates elevating the minimal wage to $15 an hour. Since the president’s announcement, there was intensive debate surrounding the minimal wage enhance, significantly from the enterprise group.

While a lot of the “American Rescue Plan” focuses on aid associated to COVID-19, elevating the minimal wage is lengthy overdue and the pandemic has solely exacerbated the necessity for a wage that may maintain American staff.

In the previous 25 years, the minimal wage has solely elevated $2.50—from $4.75 an hour to $7.25 an hour—and the final enhance was in 2009. Furthermore, in keeping with the Economic Policy Institute (EPI), Black staff make up 31% of the workforce that might most profit from an elevated minimal wage.

Opponents of a minimal wage enhance argue that it could damage American companies and power small and medium companies to shed staff.

However, the U.S. Black Chambers, Inc. (USBC) disagrees with this argument. The USBC, which represents 310,000 Black-owned companies and 145 Black Chambers nationwide, understands that elevating the minimal wage may have a big affect on thousands and thousands of Americans and their properties, along with lowering pay inequality by race and gender.

Even as 41% of Black-owned companies closed as a consequence of COVID-19, Black enterprise house owners have continued to specific help for a rise to the minimal wage due to the significant impact it could have in thousands and thousands of American properties and in lifting households out of poverty.

The EPI estimates that “almost one in four (23%) of those who would benefit is a Black or Latina woman.”

The USBC met with Vice President Kamala Harris and Secretary of the Treasury Janet Yellen earlier this month to debate the disproportionate have an effect on COVID-19 has had on Black-owned companies, and methods the Biden Administration is working to offer aid and help to the companies that want it most.

Even as 41% of Black-owned companies closed as a consequence of COVID-19, Black enterprise house owners have continued to specific help for a rise to the minimal wage due to the significant impact it could have in thousands and thousands of American properties and in lifting households out of poverty.

If the Black enterprise group, which faces main obstacles exterior of COVID-19, can get behind a $15 an hour minimal wage, why can’t the remainder of company America?

Raising the minimal wage is not going to be simple for companies however it’s a important step in bringing monetary stability to elements of America which have lengthy been missed.

In truth, Black-owned companies might even see slower progress based mostly on the variety of staff they’ll afford to pay (along with having much less entry to capital) however that isn’t stopping the group from rising to the problem.

Corporate America, let’s make a $15 minimal wage occur by 2025.

 Ron Busby is president of the U.S. Black Chambers, Inc.

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