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Will you have to spend more on compensation in 2021? Exclusive data

what the 2020 election means for the minimum wage
Jennifer Azara
by Jennifer Azara
September 18, 2020
  • Cost Control
1 minute read
  • SHARE ON

Budget season has arrived! But will you have to allot more money for compensation due to a bump in the minimum wage?

Depends on who wins that first Tuesday in November.

In addition to the presidential race, there are eleven governor spots open.

So what are your odds? Exclusive data from Resourceful Compliance handicaps your odds for you.

Possible minimum wage changes ahead

First, you can see where both Donald Trump and Joe Biden — and their running mates — stand on the minimum wage issue. (Libertarian and Green parties are included too.)

But beyond the federal level, you could see a bump in the minimum wage on the state level.

The following states have gubernatorial races this fall, and the winner will dictate how much more you’ll need to budget for 2021 payroll:

  • Delaware
  • Indiana
  • Missouri
  • Montana
  • New Hampshire
  • North Carolina
  • North Dakota
  • Utah
  • Vermont
  • Washington, and
  • West Virginia

Multistate employers will need to watch especially closely.

You can check out the state-by-state breakdown here.

So how will employees react to a change? Not surprisingly, most people are for a boost in the minimum wage, with some swings depending on how much they currently earn, their political party, their enthnicity, etc.

For a full breakdown of individual attitudes on minimum wage increases, check out exclusive survey results here.

Jennifer Azara
Jennifer Azara
Jennifer, a member of the CFO Daily News staff, has covered business and finance for more than 22 years. She has written for CFOs, credit and collections professionals and accounts payable practitioners and has spoken at industry conferences on sales and use tax compliance.

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CFO Daily News, part of the SuccessFuel Network, provides the latest Finance and employment law news for Finance professionals in the trenches of small-to-medium-sized businesses. Rather than simply regurgitating the day’s headlines, CFO Daily News delivers actionable insights, helping Finance execs understand what Finance trends mean to their business.

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