Business
The General Assembly agreed to raise the minimum age over the next three years to twelve dollars an hour, beginning with nine fifty next year. They also agreed to a regional study of wages that will guide future wage legislation but if the Assembly does not specify future wage increases, they will be tied to inflation. The regional study idea is in recognition of the differential impact of wages across our state. Urban areas can swallow wage increases more easily than can rural; in fact, urban employers will only see minimal impacts as competition for labor has already caused wages to rise well above minimums. Rural areas, with larger fixed income populations, can’t afford the higher prices caused by higher wages. To learn more, visit odu.edu/business. This has been a Strome Business Minute, presented by the Strome College of Business at Old Dominion University.