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:
- New Hampshire
- North Carolina
- North Dakota
- 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.