NJBIA President and CEO Michele N. Siekerka issued the following statement regarding the $15 Minimum Wage law signed by Governor Murphy today.
"After calling for a responsible, slow and predictive pathway to increasing the minimum wage, we are disappointed that our policymakers have put into place a plan that will result in a 35 percent cost increase to New Jersey's small businesses, when including the increased wage and payroll taxes, within just 11 months.
"These job creators have told us that this action will increase their labor costs both in the short and long term; impacting the slim profit margins they already face given their need to contend with the highest taxes and worst business climate in the nation.
"We anticipate corrective legislation that will make this law more fiscally responsible, including an economic analysis that could serve as an off-ramp from this policy in the event of an economic downturn and incentives for the hiring of youth workers who will undoubtedly be challenged to find work at a higher wage.
"We also hope there are also considerations for Medicaid providers who currently reimburse less than $15 an hour for services and those businesses which are currently in contracts for products or services that they cannot now renegotiate.
"Additionally, we need legislation to address structural reforms that cause New Jersey to be an extreme outlier on costs of doing business and living, not more taxes and mandates."