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Economy

Minimum Wage Update

By Sarah Brodsky on Dec 31, 2007

Thanks are due to Combest for linking to this article about Missouri’s minimum wage, which slowly continues to go up. The new minimum will be $6.65 an hour.

That doesn’t seem like much, and I’m not predicting mass layoffs in response. But little changes can add up to make a difference. For example, employers might respond to a small minimum wage increase by requiring their employees to be a little more productive, perhaps by spending less time training them to do new tasks. In the short term, the employee earns a little bit more an hour. But he could miss out on learning new skills that would have enabled him to earn much higher wages in the future.

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Sarah Brodsky

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